Available immediately, the self-certification product details are as follows:
- 6.15% fixed until 30 April 2010.
- Bank Base Rate (BBR) plus 1.25% after April 2010, giving a current rate of 7%.
- Maximum LTV of 90% with a maximum loan size of £450k; 85% for first-time buyers to £300k.
- Completion fee of 1.5% of the advance.
- Early repayment charge (ERC) at 6% of the redeeming balance up until the end of the fixed rate period.
- 6.64% discount tracker (BBR plus 0.89%) until 30 April 2010.
- BBR plus 0.99% after April 2010, giving a current rate of 6.74%.
- Available up to 95% LTV and has a completion fee of 0.5% of the advance.
- ERC is 6% of the redeeming balance up until the end of the fixed rate period.
- Borrowers can make a 20% repayment each year without the ERC.
CHL’s self-certification homeloan range also includes two 6.89% discount tracker products (BBR plus 1.14%) both up until 31 December 2009. One is available up to 85% LTV with a completion fee of £499, the other is available for LTVs between 85.1% and 90% with a completion fee of 0.5% of the advance. It is not available to first-time buyers.
Trevor Child, head of sales and marketing at CHL Mortgages, commented: “Our two new homeloan products deliver great value to both the self-employed with our self-certification product and those opting for our full-status offering.
"CHL does not provide self-cert products to the employed and therefore those who are able to fully prove their income will now be able to access CHL through the full-status product. Our self-certification product provides the stability of a fixed rate for the next two years and it comes with a healthy maximum LTV up to 90%.
"We believe these products will be welcomed by the intermediary community and, alongside our core buy-to-let product range, will provide significant additional business volumes in the months ahead.”
