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 launches limited edition buy-to-let range and expands lending criteria
Specialist lender CHL Mortgages has launched a range of limited edition two- and five-year fixed-rate buy-to-let products, alongside changes to its lending criteria. The move will interest letting agents and inventory clerks working with landlords who operate both standard and specialist rental properties.
What's in the new range
The range includes products for single dwelling properties, as well as houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) of up to six bedrooms or units. Rates start at 3.6%, with products available to individual and limited company buy-to-let landlords at up to 80% loan-to-value (LTV). Borrowers can also choose from a range of product fee options.
Changes to lending criteria
Alongside the new products, CHL Mortgages has changed its lending criteria. These include accepting applications from first-time buyers and removing the minimum income requirement for non-first-time buyers.
The lender has also reduced its minimum property valuation requirement and increased the maximum permitted number of storeys in blocks of flats, including ex-local authority blocks, to 20 storeys.
What the lender says
Roger Morris, group distribution director at CHL Mortgages, said the changes would give landlords greater choice when financing property. He said the lender is committed to helping landlords achieve their property goals, and that the new limited edition range, with support for both standard and specialist properties, delivers the flexibility and choice investors are looking for.
What it means for agents and clerks
For letting agents and inventory clerks, the expanded criteria may affect the types of rental properties landlords in their portfolios seek to finance and bring to market, particularly HMOs and MUFBs of up to six bedrooms or units, and blocks of flats within the new 20-storey limit.
Source: Mortgage Strategy