The Leeds Building Society has changed its buy-to-let mortgage offering and has launched a five year tracker with no Early Redemption Charges (ERCs).
The 1.65% five year tracker is available up to 60% LTV and comes with a free valuation, as well as fees assisted legal services for standard remortgages.
The mutual also has reduced rates across its range of buy-to-let mortgages at 60% LTV by 0.10 percentage points, including a remortgage-only five year fixed rate deal now priced at 2.39%, with free valuation, fees assisted legal services and a £999 fee.
“We’re seeing more customers moving towards longer-term products, with five year deals the most popular,” said Jaedon Green, Leeds Building Society’s director of product and distribution.
“Our five year tracker comes with no ERCs, so the borrower has no penalty charges if they decide to redeem their mortgage within the term, for example if they sell their property.
“This flexibility is useful to landlords, who may be reviewing their portfolios as the new buy-to-let tax legislation eases in.
“The strong set of products in our buy-to-let range is part of continuous efforts to improve our proposition in this sector, such as simplifying our criteria and strengthening our dedicated underwriting team.”