BTL rate cuts made by more lenders

It’s been a busy week for the nation’s buy to let lenders after the Bank of England base rate cut.

More specialist lenders are stepping up to offer borrowers better deals, with significant rate reductions across buy to let and commercial mortgages.

CHL Mortgages for Intermediaries has dropped rates by up to 17bps on its CHL1 buy to let range, introducing three new limited-edition products for HMOs and MUFBs.

Two-year fixed rates now begin at 2.67%, and five-year fixes from 4.56%.

The lender’s commercial director, Ross Turrell, said: “”We’re delighted to announce we’ve reduced rates across our CHL1 range.

“The launch of the additional limited-edition products further enhances the options we’re offering to landlords looking to explore the opportunities that HMOs and MUFBs can offer.”

ModaMortgages announces rate cuts

Also, ModaMortgages has also announced cuts of up to 10bps across its BTL offerings, making two-year fixes available from 3.49% and five-year fixes from 4.94%.

Darrell Walker, it’s director of sales and distribution, said: “These reduced rates give brokers even more choice and, when combined with our registration prize draw, offer them perfect reason to give us a try and discover why we’re the home of smarter, faster and simpler buy to let borrowing.”

YBS Commercial Mortgages implements rate reductions

In the commercial sector, YBS Commercial Mortgages has implemented reductions of up to 0.20% on its commercial real estate products.

Five-year fixed rates for semi-commercial properties now start at 6.40%, commercial investment loans at 6.84%, and owner-occupied products at 7.05%.

A further 0.25% discount is available for modern, energy-efficient industrial units.

Angela Norman, the interim managing director of YBS Commercial Mortgages, said: “These changes reflect our desire to pass on value wherever we can to brokers and their clients, maintaining our commitment to the commercial market.

“Including a discount on industrial units which meet specific criteria allows us to incentivise commercial landlords who offer higher-quality properties, providing them with better product choice and value, although we encourage applications from those who might not qualify, but can benefit from our standard product option.”

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