Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
CHL Mortgages, HSBC, Foundation and YBS Commercial Announce Rate Changes
CHL Mortgages, HSBC, Foundation and YBS Commercial have announced a series of changes to their mortgage and buy-to-let product rates. The updates include new limited edition products, rate reductions, and product withdrawals, impacting landlords and property investors across the UK.
CHL Mortgages has launched limited edition products and reduced rates by 30 basis points across its short-term let range. The new limited edition products start from 2.70% for single dwelling properties and from 2.80% for HMO (House in Multiple Occupation) and MUFB (Multi-Unit Freehold Block) properties with up to six bedrooms or units. Rates for short-term lets now start from 3.16% for landlords letting properties for short periods, such as holiday lets or serviced apartments. These products are available to both individual and limited company landlords, with up to 80% loan-to-value (LTV), a choice of fee options, and free valuations on selected short-term lets.
HSBC has scheduled wide-ranging rate cuts across both residential and buy-to-let product ranges, effective tomorrow. The lender does not provide advance notice of the new rates to brokers.
Foundation has announced it will withdraw the majority of its buy-to-let products tomorrow, with new rates set to launch on Thursday.
YBS Commercial is reducing the price of its new business range of five-year fixed rates by 0.15%. This includes products for portfolio landlords seeking buy-to-let deals, as well as specialist products for HMOs and MUFBs. Notable changes include a five-year fixed rate for buy-to-let clients reduced from 5.05% to 4.90% (up to 55% LTV, 3% fee), and a five-year fix for multi-unit freehold block clients cut from 5.80% to 5.65% (up to 65% LTV, 2% fee). A five-year fixed rate for semi-commercial investors has also been lowered from 6.10% to 5.95% (up to 65% LTV, 2% fee). Discounts also apply to owner-occupied, commercial investment, and semi-commercial products designed for part-residential, part-commercial assets. There are no changes to two-year fixed-rate products.
These changes may be relevant for letting agents and inventory clerks advising landlords on mortgage options and property investment strategies.
Source: Mortgage Strategy