Rate war presses on as Leeds cuts B2L rates by up to 0.4%

Leeds Building Society has slashed rates across its buy-to-let product range by up to 0.4 per cent, following its decision this week to increase broker fees for such deals.

Effective today, the lenders has cut a 60 per cent LTV three-year fix by 0.4 per cent to 3.09 per cent. It has an £800 product fee. A fee-free version is offered at 3.39 per cent, down from 3.69 per cent.

A 70 per cent LTV three-year fixed rate has been reduced by 0.3 per cent to 3.39 per cent with £800 fee. The fee-free version is down 0.4 per cent to 3.59 per cent.

Leeds has also launched two five-year fixed rates, with a 60 per cent LTV deal priced at 3.69 per cent and a 70 per cent LTV option offered at 3.99 per cent. Both products carry an £800 product fee.

All of the above products include a free standard valuation up to £335, as well as free legal services for remortgage customers.

Leeds BS general manager for business development Martin Richardson says: “We’ve refreshed our range following broker and customer feedback and the fees assisted versions of the products offer additional choice, depending on the borrower’s individual needs, including those homeowners who are looking to remortgage.”

The mutual announced this week that it has increased the procuration fee it pays to brokers for buy-to-let transactions from 0.37 per cent to 0.5 per cent.