Leeds launches buy-to-let deals
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Leeds Building Society has launched a 2-year fixed rate buy-to-let mortgage available at 5.29%
The product also has a fixed fee and allows 10% capital repayments each year, without penalty, and there is no higher lending charge.
Phil Coombes, head of intermediary sales at Leeds, says: “We have looked at the market and delivered a highly competitive fixed rate buy to let. When you look at what is currently available, many of the low rate products have percentage based fees, which can make the headline rate much less attractive.
“We have delivered certainty and peace of mind, not only in terms of a fixed monthly payment, but also with fixed fees of only £999. Clearly, this is of significant benefit to those landlords looking to budget and manage their portfolio.
“We also believe that, as well as professional landlords who may wish to move their portfolio onto a highly competitive rate and fix their monthly commitments, this type of product will also benefit first time landlords in particular.
Readers' comments (2)
Anonymous | 13 May 2010 6:44 pm
Once again Mr Philip Coombes of Leeds Building Society shows a fundamental lack of understanding of Buy to Let dynamics.
Whilst the rate is fair with the fixed completion fee, but why would a portfolio investor currently on tracker rates of 1.5% above bank base or Libor would want to switch to this rate just for 2 years , with Bank Base not expected to reach a possible 4% until 2012 at the earliest , this rate might only be of interest for purchases since the amortised rate makes it reasonably attractive
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Anonymous | 14 May 2010 11:45 am
There may be a a few landlords with mortgages with BMSolutions interested in this - not all btl mortgages are at base plus 1.5%
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