The Leeds Building Society has increased the cashback incentives available on selected two and five year buy-to-let mortgages.
Cashback on the mutual’s two and five year fixed rate buy-to-let products have been increased from £500 to £1,000.
The updated cashback range, which comes with a free standard valuation, include:
- 2.69% two year buy-to-let mortgage available up to 60% LTV (loan to value) with no fee
- 2.74% five year buy-to-let mortgage available up to 60% LTV with no fee
Matt Bartle, the Leeds Building Society’s director of products, said: “We’ve increased the cashback incentives available on some of our buy-to-let products while maintaining our product rates.
“Of course, landlords can choose how to spend the £1,000 cashback available. Cash freed up at the start of the mortgage could go towards redecorating costs and fees associated with finding tenants.
“Increasing cashback available on our buy-to-let range is a further example of how we’ve used our expertise and experience in the market to understand and respond to the needs of customers.”
The launch of the products follows the introduction of the Easy Start buy-to-let mortgage, with an interest rate of 0% for the first three months.
The Society has reduced the rate of its five year Easy Start mortgage, which is available up to 70% LTV, by 0.21 percentage points to 3.03%, with a 0% interest rate for the first three months.