CHL Mortgages launches BTL product range
CHL Mortgages has launched a buy-to-let (BTL) product range with a limited group of directly authorised (DA) brokers and selected packager partners.
The range includes 5-year fixed rate BTL products which are available at a rate of 3.25% up to 75% LTV and 3.10% up to 65% LTV.
Rental income for these products must be at least 125% of the monthly mortgage payment calculated at payrate, and they are applicable for purchase or remortgage purposes.
Each BTL product has a minimum loan size of £25,001 and a maximum loan size of £1m.
The full product range will be accessible to individual landlords, portfolio landlords and limited companies.
The range includes options to cover a range of property types including houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), new-builds, ex local authority and properties above or adjacent to commercial premises.
Minor adverse can also be considered, as well as first time landlords on certain products.
As part of this phased return to the market, the products are currently being offered through Mortgage for Business, 3mc and Master Private Finance.
Ross Turrell, commercial director, CHL Mortgages, said: “The launch of these products marks the beginning of an exciting new era for CHL Mortgages.
“These form part of a carefully planned return to the specialist BTL market and come on the back of assembling experienced sales and underwriting teams whilst undertaking a rigorous period of testing to ensure our technology platform meets our customer needs.
“It’s vital that we carefully manage our return to lending and ensure that we start as we mean to go on when it comes to establishing the highest service standards, competitive pricing and broad-ranging criteria.
“However, the intermediary market can certainly expect some further developments in the coming weeks.”