CHL Mortgages launches its first 7-year fixed rate buy-to-let
CHL Mortgages, the intermediary-only specialist buy-to-let lender, has extended its offering with a range of new deals including a 7-year fixed rate product range. The lender has also increased their maximum loan-to-value (LTV) for individual and limited company borrowers to 80% (from 75%). These additions will complement their current specialist buy-to-let proposition.
The 7-year fixed rate for individual and limited company applicants comes with two fee options. Up to 75% LTV, the 2% fee option is 3.25% and the 1% fee option is 3.45%. Up to the new maximum 80% LTV, the 2% fee option has a rate of 3.64% and the 1% fee option has a rate of 3.79%.
The 7-year fixed rate for houses in multiple occupation (HMO) and Multi-Unit Freehold Block (MUFB) purposes are available up to 75% LTV and also come with two fee options. The 2% fee option has a rate of 3.45% and the 1% fee option has a rate of 3.65%. All the 7-year fixed products have an early repayment charge of 5/5/5/4/3/2/1.
In addition, new 2-year and 5-year fixed rates up to 80% LTV are now available to both individual and limited company applicants with rates of 3.69% (2-year) and 3.49% (5-year) with a 2% fee. A 1% fee option is also available at 4.19% (2-year) and 3.69% (5-year). All the 5-year fixed rates have an early repayment charge of 5/4/3/2/1.
ICR is calculated at pay rate on all 5-year and 7-year products.
The full CHL Mortgages product range caters for first-time landlords, portfolio landlords and limited companies covering a variety of BTL investments including HMOs and MUFBs.
Ross Turrell, commercial director, CHL Mortgages commented: “These products will nicely complement our existing buy-to-let range. They have been designed after listening to, and acting upon, feedback from intermediary partners who expressed a desire for additional choice and support when it comes to servicing the longer-term needs of their landlord clients in an uncertain interest rate environment.
“Choice is important when it comes to the length of product terms but also when it comes to delivering competitive products at the higher end of the LTV bands. These new additions provide great value to our overall product range.”