BTL mortgage rates dropped by CHL and Landbay

Two buy to let lenders have revealed a raft of new rates for BTL mortgages.

First up is specialist BTL lender CHL Mortgages which has revamped its buy to let product range, including significantly lowering rates and introducing new criteria for landlords.

Ross Turrell, the commercial director, said: “This range refresh is the latest example of how committed we are to supporting intermediaries in helping their landlord clients achieve their buy to let ambitions.

“There aren’t many other deals out there at the moment where the rate starts with a ‘2’, and with the potential for the bank base rate to reduce in the coming months, our repriced two-year fixed rate products could be ideal for those who don’t want to lock into a long-term mortgage.”

New CHL Mortgages BTL range

The key features of the new CHL Mortgages BTL range:

• Two-year fixed rates starting from 2.87%
• Increased maximum loan amount to £2 million at 70% LTV
• Increased aggregate borrower exposure to £5 million with no limit on individual loans
• Broader criteria include accepting applications for properties on the Isle of Wight.

CHL says its range is suitable for individual, limited company and HMO/MUFB landlords.

Landbay cuts rates on fixed BTL mortgages

Meanwhile, BTL lender Landbay has reduced rates on most of its two- and five-year fixed-rate buy to let mortgages by up to 0.10%.

This follows recent changes by the lender to make their remortgage range more competitive.

Landbay’s sales and distribution director, Rob Stanton, said: “Even in the current climate, fixed-rate deals remain the product of choice for the majority of landlords.

“We’re pleased to help brokers answer this demand with a reduction on our two-year and five-year fixed products.

“Making sure our products are as competitive as possible and cover all bases ensures brokers are in the best possible position to answer any demand in the market.”

Landbay’s rate cuts

The highlights of Landbay’s rate cuts include:

• Rates on most two-year fixed products reduced by 0.10%, starting from 4.24% at 75% LTV with a 6% fee
• Rates on most five-year fixed products reduced by 0.10%, starting from 4.74% at 75% LTV with a 7% fee (zero-fee options also available)
• Some five-year fixed products with specific fee structures see larger reductions of up to 0.50%.

Landbay says all the products are available for intermediaries to view and compare using its BTL affordability calculator.

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