The Leeds Building Society is extending its range of products for the most energy efficient properties by offering its first green buy-to-let products.
The new fixed rate mortgages will see the society re-enter 80% loan to value (LTV) buy-to-let lending, while also improving its 75% LTV range.
All are designed for the purchase of properties with an energy efficiency rating of A-C* and are:
- Buy-to-let 1.62% two year fixed rate mortgage, up to 75% LTV
- Buy-to-let 2.06% five year fixed rate mortgage, up to 75% LTV
- Buy-to-let 2.99% two year fixed rate mortgage, up to 80% LTV
- Buy-to-let 3.15% five year fixed rate mortgage, up to 80% LTV
Each comes with a free standard valuation and a £999 fee, with the products available initially only through intermediaries. Both 75% LTV products come with £500 cashback on completion.
The Society was among the first lenders to join the Green Finance Institute (GFI)’s Coalition for the Energy Efficiency of Buildings, and its new mortgages, align with the Institute’s Green Home Finance Principles.
The Society is also increasing available LTVs for first time landlords from 70% to 75% maximum LTV.
Matt Bartle, director of products at Leeds Building Society, said: “We’re always looking for more ways to share our knowledge and support our borrowers as they look to reduce their environmental impact.
“By offering the Society’s first green buy-to-let products and increasing the maximum LTV on our buy-to-let lending up to 80% LTV, we’re ensuring we continue to create products that widen choice and respond to the needs of borrowers.
“We recently launched green residential mortgages and we’re pleased to now be able to support landlords with these new products. As part of our responsible business strategy, we’re proud to have been one of the first building societies to sign up to the Green Home Finance Principles created by the Green Finance Institute.”
Emma Harvey, programme director at the Green Finance Institute, added: “Housing is responsible for 14% of the UK’s total emissions, therefore it is vital that homeowners and landlords can access the advice, tools and finance needed to decarbonise their portfolios. We welcome today’s announcement by Leeds Building Society to offer green mortgages to buy-to-let customers, which align with our Green Home Finance Principles, and will support investment flows towards net-zero homes across the UK.”