CHL reintroduces 5-year fixed rate products

CHL Mortgages has reintroduced 5-year fixed-rate products following a recent product withdrawal, with rates now starting on the 2% fee products from 6.85% and available to a maximum of 75% LTV.

According to the lender, 3% and 5% product fee options are also available and offered to a maximum of 70% LTV with interest rates starting from 6.09%. All 5-year fixed-rate products come with an ERC percentage of 5/4/3/2/1.

Core Product Range

For individuals & Limited Companies/LLP, 3 new products are available. A 75% LTV 5-year fixed interest rate of 6.85% with a 2% fee, a 70% LTV 5-year fixed interest rate of 6.60% with a 3% fee, and a 70% LTV 5-year fixed interest rate of 6.09% with 5% fee.

For small HMOs & MUFBs, there is a 75% LTV 5-year fixed interest rate of 6.89% with 2% fee, a 70% LTV 5-year fixed interest rate of 6.65% with 3% fee, and a 70% LTV 5-year fixed interest rate of 6.15% with 5% fee.

Borrowers looking for products covering large HMOs & MUFBs have the choice between a new 75% LTV 5-year fixed interest rate of 6.95% with 2% fee, a 70% LTV 5-year fixed interest rate of 6.70% with 3% fee, or a 70% LTV 5-year fixed interest rate of 6.19% with 5% fee.

Short Term Lets are covered by a new 75% LTV 5-year fixed interest rate of 7.05% with 2% fee, a 70% LTV 5-year fixed interest rate of 6.80% with 3% fee, or a 70% LTV 5-year fixed interest rate of 6.29% with 5% fee.

Refurbishment Product Range- available to a maximum LTV of 75%

For light refurbishment, two new products are available. They are a 5-year fixed interest rate of 7.00% (Individual and Limited Company/LLP) and a 5-year fixed interest rate of 7.05% (Small HMO/MUFB).

Two new EPC improvement products have also been added. They are a 5-year fixed interest rate of 6.95% (Individual and Limited Company/LLP) and a 5-year fixed interest rate of 7.00% (Small HMO/MUFB).

And finally, two new cosmetic improvement products are also now available. They are a 5-year fixed interest rate of 6.90% (Individual and Limited Company/LLP) and a 5-year fixed interest rate of 6.95% (Small HMO/MUFB)

Ross Turrell, Commercial Director, CHL Mortgages, (pictured) commented:

“In this challenging economic climate, 5-year fixed rates provide the stability of payments for landlords and enable lenders to take a lower rental cover calculation by using the pay rate."