Specialist buy-to-let (BTL) lender CHL Mortgages has reduced fixed rates across all product ranges, with individual and limited company 5-year fixes starting from 5.61%.
The lender also introduced a 2-year fixed product range, priced from 5.75%.
House in multiple occupation (HMO) and multi-unit freehold block (MUFB) products now start from 5.66% for a 5-year fix, with a 2-year fixed option from 5.80%.
CHL Mortgages’ short-term lets 5-year fixed rates start from 6.15%, with a 2-year fixed option priced from 5.80%.
5-year and 2-year fixed rate products across the core range are available up to 75% loan-to-value (LTV), with multiple fee options to choose from across the range to support landlord needs dependant on their circumstances.
The lender’s refurbishment range products are available up to 75% LTV with interest rates now starting from 5.66%.
The range was 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.
All 5-year fixed rate products’ interest cover ratios (ICRs) are calculated at pay rate.
For applications which include a combination of additional-rate, higher-rate, or basic-rate payers, the lender said it would also consider a blended ICR approach.
This would determine loan affordability based on each borrower’s tax status and their personal share of ownership or rent to maximise ICR affordability for landlord clients.
Ross Turrell (pictured), commercial director at CHL Mortgages, said: “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.”
