Leeds Building Society has launched an ‘easy start’ buy-to-let mortgage for landlords, with 0 per cent interest for the first three months.
The building society says it is an updated version of its Welcome Mortgage which was introduced to help borrowers while their finances may be tight around the period of moving house. The new version is to allow landlords to get properties ready for renting, according to Leeds Building Society.
The four Easy Start products launched today are a 2.72 per cent loan available up to 60 per cent loan to value, with a £999 fee, a 2.82 per cent loan available up to 60 per cent LTV with no fee, a 3.09 per cent loan available up to 70 per cent LTV with a £999 fee and finally a 3.24 per cent available up to 70 per cent LTV with no fee.
Leeds Building Society director of product and distribution, Jaedon Green, says Easy Start could ease pressure on landlords during an initial void period.
“Our Welcome Mortgage won awards and industry praise so we looked at how we could tailor its benefits for Buy to Let borrowers.
“When they first buy a property they might need to decorate or carry out refurbishments before tenants can move in, so clearly there’d be no rent coming in over that time. Cash freed up at the start of the mortgage could go towards a higher-quality fit-out to help to secure a better rental return.”