Leek United Building Society has launched a new two-year buy-to-let mortgage product, through the TMA Club.
This mortgage has a rate of 1.84 per cent, fixed until the end of August 2020, and is available up to 75 per cent LTV.
The product is available for both purchases and remortgages and can be accessed by portfolio and non-portfolio landlords.
The scheme also offers a free standard mortgage valuation for all purchase, remortgage or further borrowing applications, on a maximum portfolio of 15 properties.
Like-for-like remortgage applications with no additional borrowing will benefit from a lower rental calculation of at least 125 per cent of mortgages interest calculated at an interest rate of 5.5 per cent.
Other applications will be at the standard rate of 140 per cent at 5.5 per cent.
The deal is available to TMA’s directly authorised advisers.
Leek United’s head of mortgage sales Clare Beardmore says that this new rate is 0.05 per cent lower than the comparative ‘mainstream’ product.