The Leeds Building Society’s latest buy-to-let mortgage offers an ‘Easy Start’ for landlords when they buy a new property.
The product is an updated version of the mutual’s Welcome mortgage, with an interest rate of 0% for the first three months.
Welcome was introduced to offer borrowers breathing space at a time when their finances were likely to be stretched with moving and other costs. The Society’s new buy-to-let version gives landlords the same benefit when they’re getting their property ready to rent to make sure it’s the best it can be for their tenants.
The Easy Start products are as follows:
- 2.72% available up to 60% LTV with a £999 fee
- 2.82% available up to 60% LTV with no fee
- 3.09% available up to 70% LTV with a £999 fee
- 3.24% available up to 70% LTV with no fee
All are five year fixed rate deals which come with a free standard valuation.
Jaedon Green, Leeds Building Society’s director of product and distribution, said Easy Start could take away some of the pressure on landlords during an initial void period.
“Our Welcome Mortgage won awards and industry praise so we looked at how we could tailor its benefits for buy-to-let borrowers,” he said.
“When they first buy a property they might need to decorate or carry out refurbishments before tenants can move in, so clearly there’d be no rent coming in over that time. Cash freed up at the start of the mortgage could go towards a higher-quality fit-out to help to secure a better rental return.
“If the landlord chooses to borrow on an interest only basis, Easy Start means there would be no repayments in the first three months.
“This innovation is the latest example of how we’ve used our insight and expertise in the buy-to-let market to understand and respond to customer need.”
