The products are available to a maximum of 70% loan-to-value
Intermediary-only buy-to-let lender CHL Mortgages has launched new lifetime tracker products across its entire core and refurbishment product ranges.
The lifetime tracker products are available to a maximum of 70% loan-to-value, with a two-year early repayment charge (ERC) of 3% in year one and 2% in year two. A 2% product fee applies across the range.
CHL Mortgages said its full product range caters for first-time landlords, portfolio landlords, limited companies, and limited liability partnerships (LLPs) covering a variety of BTL investments, including houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Read more: CHL Mortgages expands product suite.
The current rates for the core range lifetime tracker products at 70% LTV are 5.20% (bank base rate plus 2.95%) for individuals and limited companies or LLPs; 5.30% (bank base rate plus 3.05%) for small HMOs, MUFBs, and short term lets; and 5.35% (bank base rate plus 3.10%) for large HMOs and MUFBs.
Refurbishment lifetime trackers at 70% LTV have rates of 5.30% (bank base rate plus 3.05%) for light refurbishment of individuals and limited companies or LLPs; 5.39% (bank base rate plus 3.14%) for light refurbishment of small HMOs or MUFBs; 5.31% (bank base rate plus 3.06%) for cosmetic improvement of individuals and limited companies or LLPs; 5.35% (bank base rate plus 3.10%) for cosmetic improvement of small HMOs or MUFBs; 5.34% (bank base rate plus 3.09%) for EPC improvement of individuals and limited companies or LLPs; and 5.39% (bank base rate plus 3.14%) for EPC improvement of small HMOs or MUFBs.
“Our new lifetime trackers with a two-year ERC are a great option for landlords wanting to purchase or remortgage,” Ross Turrell (pictured), commercial director at CHL Mortgages, said. “They offer a potentially lower monthly payment versus fixed rate alternatives in the current market, along with the flexibility to move into fixed rate products after two years.”
