New Range of Buy-to-Let Mortgages from Leeds Building Society

New Range of Buy-to-Let Mortgages from Leeds Building Society

Leeds Building Society has launched a new range of mortgages with cashback for existing buy-to-let borrowers.

Existing buy-to-let landlords hoping to add to their property portfolio or remortgage investments they already own can choose from an exclusive range of competitive products, each with £250 cashback.

They include: a two-year discount buy-to-let mortgage at 2.10%; a two-year fixed rate deal at 2.60%; and a five-year fixed rate product at 3.39%.

All of these deals are available at up to 60% loan-to-value (LTV) and come with a free valuation for properties worth up to £500,000 and fees-assisted legal services. They also have a low fee of £199.

Buy-to-let deals up to 70% LTV are also available through the lender.

Director of Business Development at Leeds Building Society, Martin Richardson, comments: “Adding the cashback benefit for existing buy-to-let borrowers complements some of the other changes we have made to criteria on this type of lending.

“We keep our lending criteria under active review and listen carefully to feedback from borrowers and intermediaries to find ways we can improve our service and develop products which better suit customer need.”¹

The building society made changes to criteria on its buy-to-let mortgages earlier this year, including increasing the maximum number of properties an investor can hold to eight.

Currently, Leeds requires a minimum income of £25,000 for borrowers, but this has been altered slightly to allow joint income earners with less than £25,000 annual income to apply, so long as their joint income is over £40,000.

It requires rental income to cover at least 125% of interest payable on the buy-to-let variable rate.

¹ http://www.propertyreporter.co.uk/finance/leeds-announces-btl-range-changes.html