CHL cuts buy-to-let rates and launches new two-year fixes

Specialist buy-to-let lender, CHL Mortgages, has reduced fixed rates across all product ranges.

Individual and limited company five-year fixed products now start from 5.61%, whilst a newly introduced two-year fixed product range is priced from 5.75%.

HMO/MUFB products now start from 5.66% for a five-year fix with a two-year fixed option from 5.80%.

Short term let five-year fixed products start from 6.15%, with a two-year fix priced from 5.80%.

Two and five-year fixed rate products across the core range are available up to 75% LTV with multiple fee options to choose from across the range.

The lender's refurbishment range products are available up to 75% LTV with interest rates now starting from 5.66%. The range is designed to help landlords improve their properties by offering the ability to release the refurbishment costs upon completion of works without the need to switch to an alternative product.

In addition, the Interest Cover Ratio (ICR) on all five-year fixed rate products is now calculated at pay rate. For applications which include a combination of additional-rate/higher-rate/basic-rate payers, the lender will also consider a blended ICR approach to determine loan affordability based on each borrower’s tax status and their personal share of ownership/rent to maximise ICR affordability for its landlord clients.

Ross Turrell, commercial director at CHL Mortgages, commented: “With the economy and the financial markets showing signs of stability, we're pleased to be able to lower interest rates and when combined with flexible fee options, affordability for the landlord continues to improve.”