Leeds makes cuts across BTL range

Leeds Building Society has cut rates on select purchase and remortgage buy-to-let products.

Targeted products include the lender’s 60 per cent LTV two-year fix, which has been reduced from 1.64 per cent to 1.49 per cent, and the 60 per cent LTV five-year fix, which has been cut from 2.29 per cent to 2.15 per cent.

Both offers include free standard valuation up to £999, 10 per cent penalty free over-repayments per year and have a product fee of £1,999.

Furthermore, the two-year offer has a tapered ERC at 3 per cent in the first year of the mortgage, declining to 2 per cent in the last.

The five-year product also has a tapered ERC, set at 5 per cent for the first two years of the mortgage, declining year-on-year to 2 per cent in the final year.

Leeds Building Society director of products Matt Bartle comments: “The choice and variety of mortgages for landlords in the BTL sector continues to grow.

“Recent years have brought about significant changes for landlords, including increased tax liabilities and new regulations.

“Our reduced five-year fixed rate deal is market leading in terms of true cost, while providing the opportunity for landlords to reduce the impact of tax changes and actively manage their portfolios to protect yield.”

Recommended

Leeds Building Society names two new non-executive directors

Leeds Building Society has announced two new non-executive directors: Iain Cornish and Annette Barnes (pictured left and right, respectively). Cornish has worked in financial services for over 30 years, working in top positions at Yorkshire Building Society, St James’s Place and Arrow Global. Additionally, he has worked for the Treasury, the PRA, the BSA and […]

Leeds issues no-fee RIO mortgage product

Leeds Building Society has released a no-fee fixe rate retirement interest-only mortgage, which the lender says is the only such offering on the market. The mortgage is fixed for five years at 3.83 per cent on up to 55 per cent LTV and comes with a free standard valuation. It is available for purchase and […]

New Leeds chief executive looks to the future

Leeds Building Society has promoted Richard Fearon to chief executive following Peter Hill’s departure. On the back of the building society’s annual results – which showed net lending of £1bn and growth in mortgage balances at twice the rate of the market – he spoke to Mortgage Strategy about his plans for the future. The society […]

1

House prices up; monthly figure close to 6%: Halifax

House prices grew in the 12 months leading to February by 2.8 per cent, according to Halifax, leaving the average house price at £236,800. On a monthly basis, the lender reports prices rising by 5.9 per cent. Last week, Nationwide recorded a 0.1 per cent decline over the same time period. The Halifax adds that […]

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]

Newsletter

News and expert analysis straight to your inbox

Sign up