"We are pleased to bring in some welcome rate reductions for the hard-pressed buy-to-let sector."
- Ross Turrell, commercial director at CHL Mortgages
Specialist buy-to-let lender, CHL Mortgages, has lowered rates by up to 0.65% on its CHL 1 product range which was launched in November last year.
CHL 1 has been specially designed for customers with a clean credit history and consists of standard buy-to-let and small HMO/MUFB product types. All of CHL's products are available to individuals and limited companies.
The lowest interest rate in the CHL 1 range is 3.06% for a two-year fixed standard buy-to-let product up to 65% LTV, with a 7% fee. The equivalent small HMO/MUFB product is reduced to 3.08%.
Higher LTVs are available, with 70% LTV products starting from 3.15% for standard buy-to-let) and 3.17% for small HMO/MUFB. 75% LTV options start from 4.34% and 4.35% respectively.
Five-year fixed rates under CHL 1 now start from 4.47% for standard products and 4.56% for small HMO/MUFB at the 65% LTV, rising to 4.52% and 4.59% at 70% LTV and 4.57% and 4.62% at 75% LTV.
Product fees for CHL 1 are available in 2%, 5% and 7% options.
Ross Turrell, commercial director at CHL Mortgages, commented: “With five-year swap rates improving on the back of better global inflation forecasts we are pleased to bring in some welcome rate reductions for the hard-pressed buy-to-let sector. This along with a steady increase in rents will see the affordability calculations start to go back into equilibrium.”
