CHL Mortgages has entered the short-term let market with the introduction of a new five-year fixed rate product range, up to 75% LTV.

The specialist buy-to-let (BTL) lender confirmed that its five-year 65% LTV short-term let products come with two fee options to help provide landlords with more control over upfront costs. The rate of 3.50% has a 2.5% fee, and 3.80% a 1% fee. 

CHL’s five-year fixed rate 75% LTV short-term let products also come with two fee options, with rates starting from 3.75% with a 2% fee, and 3.95% with a 1% fee.

The lender confirmed it will consider properties to be let as an Airbnb, holiday let or serviced apartment.

CHL commercial director, Ross Turrell, said that the move demonstrates the lender is adapting to “shifts in landlord demand”.

“We will continue to evolve in line with these important influencing factors,” he commented.

“When entering any new product area, it’s vital to do so from a solid lending platform. Q1 has proved an exceptional start to the year for us and we feel that adding a highly competitive range of short-term let products will deliver further options and opportunities for our intermediary partners to better service the ever-changing needs of landlord clients who are looking to diversify portfolios and maximise yields.”

“Short-term letting is an area which will continue to grow in prominence as the demand for ‘staycations’ increases and this is certainly a sector which intermediaries should be closely monitoring going forward.”

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