CHL revamps BTL range

CHL Mortgages has revised its BTL range by introducing new products across additional LTV bands and reducing rates for its current offering.

For its individual and limited companies range, the lender has cut rates across its existing five-year fixed-rate options, which are now priced at 2.80% at 65% LTV, 2.85% at 75% LTV with a 2% product fee, and 3% at 75% LTV with a 1.25% product fee.

In addition, it has introduced three new five-year fixed-rate options available at 2.69% at 50% LTV, 2.75% at 60% LTV, and 2.83% at 70% LTV, as well as two two-year fixes which are priced at 2.93% at 60% LTV and 2.99% at 70% LTV.

CHL has also added three new five-year fixed products across its HMO/MUFB range, priced at:

  • 2.94% at up to 50% LTV
  • 3.04% at up to 60% LTV
  • 3.25% at up to 70% LTV

It also has reduced rates across its existing products for HMOs and MUFBs, with rates now starting from 3.09% at 65% LTV and 3.15% at 75% LTV.

All five-year products are calculated at ICR payrate —including HMO/MUFB — and ERCs are 3/2% on two-year fixed rates and 5/4/3/2/1% on five-year fixed rates. 

Rental income for these products starts from 125% of the monthly mortgage payment and they are applicable for purchase or re-mortgage purposes.

Ross Turrell, commercial director at CHL Mortgages, said: “The specialist BTL marketplace continues to see sustained levels of interest and enquiries from investors, developers and landlords who are looking to take advantage of rising tenant demand and a highly competitive lending environment. 

“This means that lenders need to constantly evaluate their product offerings to meet their ever-shifting needs.

“We expect these positive changes to be welcomed by our growing distribution panel and these will attract even more business to bolster what has been a hugely encouraging first six months back in the specialist BTL lending arena.”

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