CHL reduces BTL tariffs to 75% LTV
CHL Mortgages, a buy-sell (BTL) lender specializing in middlemen only, cut rates on its loan-to-value (LTV) product line by 75% up to 15 basis points.
5-year lender’s fixed rates now start from 3.10% to 75% LTV on individuals and public limited companies, with 2-year transactions for multiple occupancy houses (HMOs) and multi-unit blocks full ownership (MUFB) from 3.39%, and 5-year from 3.48%.
In addition, at 65% LTV for individuals and SARLs, the 3.19% 5-year Fixed Income now benefits from a reduced set-up commission of 1%.
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The prepayment charge (ERC) is 3/2 for 2-year fixed contracts and 5/4/3/2/1 for 5-year fixed contracts.
The Interest Coverage Rate (ICR) starts from 125% of the mortgage payment and is calculated at the interest rate for all 5-year products on both purchase and remortgage, including HMO and MUFB.
Ross Turrell, Commercial Director at CHL Mortgages, said: “We have seen positive developments in the markets with improved long-term swap rates and therefore acted quickly to pass these savings on to owners through our channel partners.
“The buy-to-hire market is extremely competitive and it is important to constantly emphasize the values of our products and services.
“The pass-through of these savings, as well as the absence of a charge on our evaluation fees, demonstrates our commitment to promoting transparency throughout our proposal.
“Attributes on which we will continue to rely in the second half of 2021.”