Specialist lender CHL Mortgages has announced it will cut interest rates by 0.21% across its buy-to-let range.
The updated range now includes standard mortgages with a two-year fixed interest rate from 3.20%, with a five-year fixed interest rate from 4.55%.
For investors looking to explore small HMO (up to six bedrooms) and MUFB (up to six units) options, rates for two-year fixed rate mortgages now start from 3.22%, while five-year fixed rates start from 4.62%.
Borrowers can choose between products with rate options of 2%, 3.5%, 5% and 7%, with LTVs up to 75%.
Mortgages are available to individual landlords and corporate landlords, with the lender calculating the ICR at the higher of 5.5% or a wage rate plus 2% for a two-year fixed rate and a wage rate for a five-year fixed rate.
The lender also has the option to apply blended ICRs to promote affordability, based on each borrower’s tax status and individual ownership share.
CHL commercial director Ross Turrell said: “This price renewal reflects recent improvements in swap rates and will help us maintain our competitive position in the market.
“These reductions to both our two-year and five-year fixed rates will help agents support their landlord clients in achieving the best deal.”