The Leeds Building Society has introduced new buy-to-let and holiday let mortgages.
The mutual is re-entering 75% loan to value (LTV) lending on buy-to-let with two new products, as well as entering holiday let at 75% LTV for the first time.
The changes come into effect on Thursday 6 May.
New deals include the following:
- Buy-to-let 2.14% two year fixed rate mortgage
- Buy-to-let 2.44% five year fixed rate mortgage
- Holiday let 4.24% five year fixed rate mortgage, with no product fee
All are available up to 75% and come with a free standard valuation and fees assised legal services. The buy-to-let mortgages each have a £999 product fee.
The Leeds also is improving its minimum income requirements on holiday let and will now accept joint applicants with a total income of £60,000 where one applicant alone earns less than £40,000.
As part of its buy-to-let and holiday let changes, the Leeds is increasing available LTVs on new build homes in these sectors, from 65% to 70% on new build houses, and from 60% to 65% on new build flats.
Matt Bartle, director of products at the Leeds Building Society, said: “Understanding borrower needs and developing products and lending criteria to support our customers is key to who we are as a mutual.
“I’m pleased we’re able to increase the maximum LTV on our buy-to-let lending from 70% to 75% with the launch of these two new products, which are among the improvements we’re making to our range.
“We’ve been offering dedicated holiday let mortgages for some time and are increasing available LTV and changing our minimum income requirements to support more borrowers looking at this type of investment.
“While interest in holiday let has continued to build over recent years, we expect this demand to remain strong as more people choose staycations because of the restrictions or complexities around international travel due to the pandemic.”