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.