Leeds doubles Buy To Let cashback incentives to £1,000

Leeds Building Society has increased the cashback incentives available on selected two and five year Buy To Let mortgages as it continues to find ways to support landlords.

Cashback on the Society’s two and five year fixed rate Buy To Let products have been increased from £500 to £1,000.

The cashback incentive can help landlords with the finishing touches and costs associated with finding tenants for a new property.

Highlights of the updated cashback range, which include a free standard valuation, include:

• 2.69% two year Buy To Let mortgage available up to 60% LTV (loan to value) with no fee
• 2.74% five year Buy To Let mortgage available up to 60% LTV with no fee

Matt Bartle, Leeds Building Society’s Director of Products, said: “We’ve increased the cashback incentives available on some of our Buy To Let products while maintaining our product rates.

“Of course, landlords can choose how to spend the £1,000 cashback available. Cash freed up at the start of the mortgage could go towards redecorating costs and fees associated with finding tenants.

“Increasing cashback available on our Buy to Let range is a further example of how we’ve used our expertise and experience in the market to understand and respond to the needs of customers.”

The launch of the products follows the introduction of the Easy Start Buy To Let mortgage, with an interest rate of 0% for the first three months.

The Society has reduced the rate of its five year Easy Start mortgage, which is available up to 70% LTV, by 0.21% to 3.03%, with a 0% interest rate for the first three months.

The Buy to Let version of the Society’s award-winning Welcome mortgage gives landlords the same benefit to make sure the property is the best it can be for tenants.

Leeds Building Society won the title of Best Shared Ownership Mortgage Lender in the 2018 What Mortgage Awards, its third consecutive year of success in this category.

Leeds Building Society operates throughout the UK and in Gibraltar and has assets of £19.5bn at 30 June (£17.3bn at 30 June 2017). The Society’s head office has been based in the centre of Leeds since 1886.

Key features

2.69% Cashback Buy To Let 2 Year Fixed Rates up to and including 30 April 2021

• Available up to 60% LTV
• Free standard valuation up to £999
• No fee
• 10% penalty free capital over-repayments permitted each year
• Tapered early repayment charges, 2 Year – 3/2% until 30 April 2021
• £1,000 cashback paid upon completion
• These products are available for purchase and remortgage applications

2.74% Cashback Buy To Let 5 Year Fixed Rates up to and including 30 April 2024

• Available up to 60% LTV
• Free standard valuation up to £999
• No fee
• 10% penalty free capital over-repayments permitted each year
• Tapered early repayment charges, 5 Year – 5/5/4/3/2% until 30 April 2024
• £1,000 cashback paid upon completion
• These products are available for purchase and remortgage applications

3.03% Easy Start Mortgage 5 Year Fixed Rate up to and including 30 April 2024

• 0% interest rate for first three months
• Available up to 70% LTV
• Free standard valuation up to £999
• No fee
• 10% penalty free capital over-repayments permitted each year
• Tapered early repayment charges, 5 Year – 5/5/4/3/2% until 31 December 2023
• These products are available for purchase and remortgage applications