CHL’s 5.79% fix is part of its self-certification range and is only available to the self-employed, with no requirement for proof of income or accountant’s questionnaires. After maturity the deal reverts to 1.49% above Bank Base Rate.
The mortgage is available up to a maximum of 90% loan-to-value (LTV), except for first-time buyers where the maximum LTV is 85%. CHL will lend up to a maximum of £450,000.
The completion fee is 0.5% of the advance, while there are no early repayment charges (ERCs) after the fixed period and no higher lending charges.
Intermediaries benefit from a standard 0.5% procuration fee, which is not subject to a cap.
Trevor Child, head of sales and marketing at CHL Mortgages, commented: “This highly competitive fixed-rate mortgage is perfect for those self-employed borrowers who want the certainty of a fix at a time when Bank Base Rate is rising.
“Now is not the time to get a competitive two or three-year fixed rate mortgage, due to the increase in Bank Base Rate. This product allows borrowers to benefit from a good fixed rate until next March, meaning that if interest rates do come down, borrowers can move to a better deal.
“The entire CHL range is available to existing customers so taking this deal also offers intermediaries the opportunity to potentially earn two procuration fees from CHL. One, with this short-term fix mortgage and another in April if the client remortgages, helped by the fact that the ERC finishes at the same time as the fixed period.”
