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Leeds cuts Buy to Let mortgage rate by up to 0.70%

Responding to continued demand for Buy to Let lending, Leeds Building Society has announced reductions in the headline rate on a number of competitive Landlord mortgages. These products are available whole of market and the associated fees remain unchanged at £999:

  • 2 year fixed rate Buy to Let rate reduced by 0.59% from 3.99% to 3.40% (available up to 75% LTV)
  • 2 year discounted Buy to Let rate reduced by 0.70% from 3.99% to 3.29% (available up to 70% LTV) Kim Rebecchi, Leeds Building Society Sales and Marketing Director said, “We are very pleased to support landlords and with interest rates at a historic low, we believe it’s a good time to lock into a low fixed rate for greater certainty of cash flow.

“Our 2 Year fixed rate buy to let deal has no higher lending charge, and allows 10% capital repayments each year without penalty.”

Whilst landlords with a loan to value of 75% or below have an increasing choice of Buy to Let mortgages, product availability above 75% remains limited. Leeds Building Society offers a 2 year fixed rate Buy to Let mortgage at 4.99% for landlords with an LTV of up to 80%.

Kim added, “Landlords are faced with a plethora of mortgage products and many lenders have chosen to introduce lower rates at the expense of higher product fee. I’m delighted to be making genuine reductions that support our customers – our fees remain unchanged.”

For more information, customers can call into their local branch or apply online at www.leedsbuildingsociety.co.uk. Alternatively call the Society’s mortgage hotline, on 08450 540 994, where qualified mortgage advisors are available 7 days a week from 8am to 8pm.

To discuss a new case with one of our mortgage development team, mortgage introducers should go to http://www.leedsbuildingsociety.co.uk/intermediaries/ to find details of their nearest Business Developer contact.

Ends

Notes to Editors

2 Year Fixed Rate Buy to Let up to and including 31 August 2015 (Direct and Introduced)

  • 3.40% available up to 75% LTV
  • From 1st September 2015 up to and including 31 August 2018, the rate includes a 1.00% Discount (current rate 4.99%)
  • No Higher Lending Charge
  • £199 Booking Fee
  • £800 Completion Fee
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2 (ERCs only apply until 31 August 2015)
  • 10% capital repayments are allowed each year without penalty
  • Maximum loan of £500,000
  • Interest is calculated on a daily basis

2 Year Discount Buy to Let (Direct and Introduced)

  • 2.70% Discount for 2 Years (current rate 3.29%), available up to 70% LTV
  • Followed by a 1.00% Discount (current rate 4.99%) for 3 years
  • No Higher Lending Charge
  • £199 Booking Fee
  • £800 Completion Fee
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2 (ERCs only apply for first 2 years)
  • 10% capital repayments are allowed each year without penalty
  • Maximum loan of £500,000
  • Interest is calculated on a daily basis

2 Year Fixed Rate Buy to Let up to and including 31 August 2015 (Direct and Introduced)

  • 4.99% available from 76% to 80% LTV
  • From 1st September 2015 up to and including 31 August 2018, the rate includes a 1.00% Discount (current rate 4.99%)
  • No Higher Lending Charge
  • £199 Booking Fee
  • £800 Completion Fee
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2 (ERCs only apply until 31 August 2015)
  • 10% capital repayments are allowed each year without penalty
  • Maximum loan of £500,000

Fees Assisted 2 Year Fixed Rate Buy to Let up to and including 31 August 2015 (Direct and Introduced)

  • 4.59% available up to 75% LTV
  • From 1st September 2015 up to and including 31 August 2018, the rate includes a 1.00% Discount (current rate 4.99%)
  • No Higher Lending Charge
  • £199 Booking Fee
  • No Completion Fee
  • Free standard valuation up to £335
  • Free in-house legal services for standard re-mortgages
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2 (ERCs only apply until 31 August 2015)
  • 10% capital repayments are allowed each year without penalty
  • Maximum loan of £500,000

Leeds Building Society has assets of £10.3bn (as at 31 December 2012) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.