CHL Mortgages reduces BTL rates at 65% LTV

CHL Mortgages has reduced the rates across its entire 65% LTV product range by up to 25 bps, following the lender’s initial launch period.

The intermediary-only specialist buy-to-let (BTL) lender announced its return in March, 13 years after pulling back from new lending in 2008.

Among the newly announced reductions, rates will now start from 2.99% on CHL’s five-year fixed rate BTL product range, and from 3.04% on its two-year fixed rate range, both up to 65% LTV, for individual and limited company offerings.

CHL’s product range caters for first-time landlords, portfolio landlords and limited companies covering a variety of BTL investment vehicles including HMOs, MUFBs, new build, ex local authority and commercial properties.

“We have introduced these rate reductions on the back of an extremely positive market reaction and ongoing feedback from our expanding distribution panel,” commented CHL Mortgages commercial director, Ross Turrell.

“The quality of the business we have received so far has been excellent and our processing team has coped admirably during our initial launch phase. This combination has provided additional confidence and conviction to create further capacity which will allow us to write even more business.

“The BTL market remains an extremely competitive lending arena, especially at the 65% LTV level, and the revamping of our product range will ensure that an increasing number of intermediaries will be able to tap into the type of products and service values which will make a real difference for their landlord clientele.”

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