CHL Mortgages has lowered its buy-to-let (BTL) rates by up to 0.65% on its CHL 1 product range which was launched in November last year.
CHL 1 has been designed for customers with a clean credit history and consists of standard buy-to-let and small house in multiple occupation (HMO) and multi-unit freehold blocks (MUFB) product types.
All of CHL Mortgages products are available to individuals and limited companies.
The lowest interest rate in the CHL 1 range is 3.06% for a 2-year fixed standard buy-to-let product up to 65% loan-to-value (LTV), with a 7% fee.
The equivalent small hmo/mufb product is reduced to 3.08%.
Higher LTVs are available, with 70% LTV products starting from 3.15% (standard buy-to-let) and 3.17% (small HMO/MUFB).
75% LTV options start from 4.34% (standard buy-to-let) and 4.35% (small HMO/MUFB).
5-year fixed rates under CHL 1 now start from 4.47% (standard buy-to-let) and 4.56% (small HMO/MUFB) for the 65% LTV products.
The 70% LTV options start at 4.52% (Standard Buy-to-Let) and 4.59% (small HMO/MUFB), with 75% LTV products from 4.57% (standard buy-to-let) and 4.62% (small HMO/MUFB).
Product fees for CHL 1 are available in 2%, 5% and 7% options.
Ross Turrell (pictured), commercial director, CHL Mortgages, said: “With 5-year swap rates improving on the back of better global inflation forecasts we are pleased to bring in some welcome rate reductions for the hard-pressed buy-to let sector.
“This along with a steady increase in rents will see the affordability calculations start to go back into equilibrium.”
