Leeds launches 3.10% five-year BTL fixed rate

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Leeds Building Society has launched a five year fixed rate buy-to-let mortgage at 3.10 per cent.

The lender says the rate is market-leading and applies to house purchases or remortgages up to 70 per cent LTV.

The loan has a £199 fee and a free valuation. Fees-assisted legal services are available for standard remortgages.

Leeds Building Society director of product and distribution Jaedon Green says: “Buy-to-let remortgage activity is highest at this LTV level and landlords appear to have been acting to minimise their costs and manage profitability as the Government’s tax changes began to affect this market.

“Five-year fixed rate products remain the choice for borrowers looking for longer-term security over their monthly repayments, making it easier to budget, which can be particularly useful when managing a privately rented property.”

The lender has also added a new purchase-only two year fixed rate mortgage at 1.99 per cent up to 60 per cent LTV.

The fixed rate period is followed by a 1 per cent discount for the following three years and the loan has a free valuation.