TML and CHL are the latest to cut BTL rates

The Mortgage Lender (TML) and CHL Mortgages have both announced rate cuts across their buy to let product ranges as competition in the sector intensifies.

TML has reduced rates by 10 basis points on its five-year fixed 75% loan-to-value products and Portfolio Multi-Loan, with its five-year fixed product at 75% LTV and a 5% fee dropping from 5.06% to 4.96%.

The lender has reintroduced its Buy to Let Fee Saver product, featuring a £0 completion fee, £0 application fee, £0 transfer of title fee, a free standard valuation and £250 cashback.

A further rate reduction

TML’s chief commercial officer, Steve Griffiths, said: “We’re pleased to be able to offer our brokers and their clients a further rate reduction.

“Affordability across the market has been improving for landlords with rates reducing and rents increasing, and we’re thrilled to be able to support professional landlords secure affordable rates that will enable them to both remortgage and make new purchases.”

CHL Mortgages has cut rates

Meanwhile, CHL Mortgages has cut rates by up to 0.49% across its buy to let ranges.

The lender’s standard two-year fixed rate mortgages now start from 2.68%, with five-year fixed rates from 4.29%.

Commercial director, Ross Turrell, said: “This rate reduction reflects a renewed confidence that things are moving in the right direction following the Bank of England’s recent decision to cut the interest rate for the first time in more than four years.

“By reducing rates across our CHL1 and CHL2 ranges, we’re giving brokers even more opportunities to help their landlord customers achieve their buy-to-let ambitions.”