In the new range, two-year fixed rates start from 4.40% for single dwelling properties and 4.50% for HMO and MUFB properties with up to six bedrooms or units.

Meanwhile, five-year fixed rates start from 6.11% for single dwelling properties and 6.21% for HMO and MUFB properties with up to six bedrooms or units.

All products are open to individual and limited company landlords and are available up to 75% loan-to-value (LTV) with a choice of product fee options.

The specialist lender’s new range is aimed at investors wanting to make improvements such as installing a new bathroom or kitchen, replacing fixtures and fittings, windows and doors, and roof coverings, undertaking a full rewiring and converting a C3 dwelling to a C4 HMO property.

The initial mortgage advance is based on the pre-works rental and market valuation figures, with a retention held based on the difference between the pre- and post-works values.

Once the borrower confirms the works are completed, a reinspection is instructed to confirm the actual post-works rental and market value figures. Following receipt of the reinspection approval, the retention funds are released.

CHL Mortgages head of sales Mil Consiglio says: “Our new light refurbishment range is all about giving landlords the freedom to unlock the potential in their properties.”

“It offers them a simple way to add value through non-structural or modernisation upgrades before letting them out, and it’s ideal for investors looking to refresh tired stock or turn vacant or under-used properties into high-quality, income-producing homes.”