Loans are available up to 85% loan-to-value and rent cover is based on 125% of the interest rate actually taken, which is currently 4.99%. There are no early redemption charges on this product.
For those borrowers requiring an even lower rate, CHL has introduced a very competitive discounted buy-to-let Bank Base Rate plus 0.99% tracker, which includes a 0.25% discount for three years. Loans are available to 85% loan-to-value and the rent cover is calculated onthe rate taken, which is 4.74% for this product. A 5% early redemption charge applies for the first three years of the loan.
Both the above products are available toindividualsand those wishing to borrow through a limited company. The procuration fee payable on CHL’s tracker products is 0.5% uncapped.
Trevor Child, CHL Marketing Manager, said: “It will be very difficult to find a better buy-to-let deal. The lower rates help BTL investors in two ways: firstly, they reduce the cost of the loan and, secondly, they increase the maximum loan available because CHL bases the 125% rent cover calculation on the actual rate taken.”