Free valuations on B2L product

Capital Home Loans is offering free valuations on a 85% LTV three-year fixed rate buy-to-let mortgage at 4.89%.

This is the latest free valuation offer from CHL and applies to properties valued up to 500,000.

The buy-to-let product, which is also available from CHL’s Irish Permanent brand, is fixed until January 31 2009.

At the end of the fixed rate period, the deal reverts to Bank base rate plus 1.24% for the term.

Mike Healy, head of sales at CHL, says: “This is one of the most competitive fixed rate buy-to-let products on the market at the moment.

“The free valuation offer will be the clinching factor for many landlords.

“This incentive will be particularly att- ractive to landlords with portfolios because the free valuation applies to each property.”

He adds: “The mortgage has been launched in response feedback from intermediaries so we are confident that it will be popular.”

It is available to individuals and limited companies, with student lets and houses divided into self-contained flats permitted.

Loans are available up to 2m with no requirement for the self-employed to show accounts. Rental cover is 125% of the mortgage payment calculated at a pay rate of 4.89%. There is a completion fee of 1.5%.

There is no tie-in beyond the fixed rate period, at which stage borrowers can switch to another product.

The standard proc fee payable is unlimited at 0.5% of the sum advanced and no higher lending charge applies.

A 5% early repayment charge is payable until January 31 2009.