CHL Mortgages launches new large HMO and MUFB range

CHL Mortgages further expands its product suite and criteria by launching a new product range for large Houses in Multiple Occupation (HMO) and Multi-Unit Freehold Blocks (MUFB), designed to cater for properties with 7 to 10 bedroom/units, so moving the lender further into the complex multi-unit/tenanted buy-to-let market.

This move follows the recent launch of the specialist lender’s 7-year fixed rate product range and is in addition to the lenders existing HMO & MUFB range which allows up to 6 bedrooms/units.

The new larger HMO/MUFB product range is available up to 75% LTV with a headline rate of 3.35% fixed for five-years with a 2.5% fee with an alternate option of 3.60% with a 1.25% fee.

For HMOs, CHL Mortgages allow a maximum of 10 bedrooms with no limit on the number of lettable rooms. All types of HMO will be acceptable including licenced, C4 planning use, Sui Generis planning use as well as properties requiring alteration to sell as a family home.

For MUFBs, a maximum of 10 units in the block are allowed under the new product range, providing all units have separate services.

In relation to both HMOs and MUFBs, at least one applicant must be able to evidence that they currently own and have owned a Buy-to-let property for a minimum of two years.