The Leeds Building Society is increasing its maximum loan to value (LTV) on buy-to-let mortgages up to 80%.
The mutual now offers 75% and 80% LTV buy-to-let products, in addition to deals at 60% and 70% LTV.
In addition, the society is launching a suite of new two and five year fixed rate buy-to-let deals, available for purchase or remortage, with a mix of incentives, including £300 cashback and no product fee.
New deals include:
- 2.39% two year fixed rate buy-to-let mortgage available up to 75% LTV, with no product fee
- 3.14% five year fixed rate buy-to-let mortgage available up to 75% LTV, with no product fee
- 3.44% two year fixed rate but-to-let mortgage available up to 80% LTV, with a £999 product fee.
Each of these three deals comes with a free standard valuation and fees assisted legal services.
“We’re always seeking ways to support more borrowers, particularly those who are less well-served by the wider market, such as buy-to-let,” said Matt Bartle, the Leeds Building Society’s director of products.
“At the same time as increasing our maximum LTV, we’ve taken the opportunity to extend our range of buy-to-let deals, with a mixture of fee and incentive options to give landlords more choice.
“Feedback from borrowers and our broker partners informs our product development and criteria improvements so we’ve added other features in response.
“Cashback has proved popular with portfolio landlords acquiring a new property and looking for help to cover initial costs, such as marketing or other professional fees, in readiness for their first tenants to move in.
“Increasing our maximum LTV in this sector also demonstrates our confidence in the continued strong performance of the private rented sector, which remains important to the mix of tenures in a healthy housing market.”
