CHL Mortgages has updated its product and criteria, the details are below. These products are available through our direct to lender mortgage club so contact us for more information on how our club can support your business.
CHL Criteria Update
We have made a number of changes to our criteria this morning, which are summarised below:
- First Time Buyers (FTB) now accepted
- Removal of minimum income (except FTB)
- For FTB, at least 1 applicant must earn a minimum of £30k
- Maximum number of storeys in blocks of flats increased to 20
- Flats in blocks above 20 storeys can be considered subject to:
- Min Valuation of £250k
- LTV <= 75%
- Situated in a city or town centre location with positive valuation
- Minimum property valuations updated
- Standard single unit – £50k
- Flats >10 storeys – £150k
- HMO – £100k inside the M25 // £75k elsewhere
- MUFB – £150k inside the M25 // £100k elsewhere
New limited edition products
But that’s not all, we’ve also introduced new limited edition buy-to-let products with rates starting from 3.60% for standard buy-to-let and 3.70% for HMO and MUFBs.
Product withdrawals
We’re withdrawing our current range of buy-to-let products, including product transfers at 5pm tomorrow, Wednesday 16 September. A new range with increased rates will be available from 9am on Thursday 17 September.