Following the reduction, rates now start from 5.94%.
CHL has also enhanced the fee options available to Landlords, introducing 7% fee option which is available up to 70% LTV. A 5% fee option also remains available up to 70% LTV, whilst the 2% and 3% fee alternatives are available up to 75% LTV.
In the lender's Core product range, Individual and Limited Company/LLP rates now start from 5.94%, HMO/MUFB rates from 5.99%, and Short Term Lets products from 6.49%. Products in the Refurbishment range now start from 5.99%.
All 5-year fixed-rate products are calculated at ICR 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 help maximise ICR affordability for its landlord clients.
Ross Turrell, Commercial Director, CHL Mortgages, commented: “We have started to see a stabilisation in the money markets recently, which has enabled us to reduce our rates. Additionally, we have taken the opportunity to implement a number of different fee options, which alongside our broad criteria and underwriting experience further supports our intermediaries and their clients’ needs.”
