CHL launches fixed B2L deal at 5.35%

Capital Home Loans has launched a two-year fixed rate buy-to-let mortgage at 5.35% until October 31 2008.

Other features include a 695 completion fee, no personal minimum income requirement, no income checks and lending of up to 85%LTV on new-build flats. It also allows lending on up to 25% of flats within the same block, or 10 flats, whichever is the higher. This permits landlords to borrow on 10 flats in a 12-flat block for example.

Trevor Child, head of marketing at CHL, says: “The next base rate movement is expected to be upwards and landlords are looking to be locked into a competitive interest rate. This product has been designed with them in mind. Not only is the rate competitive, but there is only a 695 completion fee.”

John Stewart, director at PMI Independent financial advisers, says: “The plus with this product is the no income checks aspect, but a lot of lenders are offering this. It is a niche product for a niche market but I do not think the rate is competitive as I have seen a lot of cheaper rates around the 5% mark.”