BTL lenders cut rates as new initiative to cut transaction times launches

Two leading buy to let lenders have unveiled rate cuts across their ranges, while a major industry initiative seeks to tackle delays in property transactions.

CHL Mortgages for Intermediaries has launched its most extensive portfolio to date, unveiling a broad mix of new options alongside reductions of up to 44 basis points.

The lender’s refreshed line-up features expanded loan-to-value bands, revised fee structures and products tailored to both individual and company landlords.

Pricing on two-year fixes now begins at 2.24% for single dwellings, 2.34% for small HMOs and MUFBs, and 2.76% for short-term lets, with free valuations offered on selected products.

The lender’s Darrell Walker said: “We’re excited to unveil our completely refreshed buy to let range which gives brokers access to our most extensive set of buy to let solutions.”

Fleet’s new BTL deals

Meanwhile, Fleet Mortgages has also reduced pricing on its 75% LTV products, cutting between 10 and 15 basis points across both standard and limited company options.

Its two-year 3% fee fix for EPC A-C homes has dropped to 3.79%, while equivalent properties rated D or below now stand at 3.89%.

Five-year rates have been trimmed to 4.54% for higher-rated homes and 4.64% for others.

Zero-fee deals now start from 5.19%, with a £1,999 fixed-fee version available at 4.99%.

Several lower-LTV products have been withdrawn as part of the reshuffle.

Fleet’s chief commercial officer, Steve Cox, said: “These changes highlight Fleet’s ongoing commitment to providing highly competitive pricing across the most in-demand parts of the buy to let market for landlord borrowers.”

Project 28 launches

Estate agency Yopa has joined forces with major lenders and property groups to launch Project 28, a Charter designed to cut the average property transaction time from 109 days to just 28.

Backed by HSBC, Nationwide, Lloyds Banking Group and others, the scheme sets out eight commitments aimed at boosting certainty and efficiency in sales.

Yopa’s chief executive, Verona Frankish, says: “Delays, fall-throughs and inefficiencies have long been a frustration for both buyers and sellers, and it’s clear the industry must come together to provide a better experience for consumers.

“By committing to Project 28, Yopa and our fellow signatories are demonstrating our determination to lead the change and deliver faster, more certain transactions.”

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