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Leeds Building Society cuts rates on Buy to Let mortgage deals

Leeds Building Society is reducing rates on some Buy to Let mortgages by up to 0.40% and introducing new five year fixed rate deals.

On Friday, 19th September, the Society is launching:

  • Three year fixed rate Buy to Let mortgage up to 60% LTV (loan to value) at 3.09%, reduced from 3.49%
  • Three year fixed rate Buy to Let mortgage up to 70% LTV at 3.39%, reduced from 3.69%
  • Three year fixed rate fees assisted Buy to Let mortgage up to 60% LTV at 3.39%, reduced from 3.69%
  • Three year fixed rate fees assisted Buy to Let mortgage up to 70% LTV at 3.59%, reduced from 3.99%
  • Five year fixed rate Buy to Let mortgage up to 60% LTV at 3.69%
  • Five year fixed rate Buy to Let mortgage up to 70% LTV at 3.99%

There are fee assisted alternatives to the new five year fixed rate mortgages, and all these new fixed rate deals come with benefits including a free standard valuation up to £335 and fees assisted legal services for standard remortgages.

"These latest Buy to Let mortgages are extremely competitive and come with a range of benefits, including a free standard valuation and fees assisted legal services," said Martin Richardson, Leeds Building Society's General Manager – Business Development.

"We've refreshed our range following broker and customer feedback and the fees assisted versions of the products offer additional choice, depending on the borrower's individual needs, including those homeowners who are looking to remortgage."

The Buy to Let product changes follow an increase this week to procuration fees on Buy to Let and holiday let mortgages through intermediaries.

From Monday, 15th September, the Society increased the fee from up to 0.37% to up to 0.5%, to bring it in line with similar fees on the market. The Society also has increased underwriting capacity to meet rising demand from intermediaries.

Ends

Notes to Editors

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

Leeds Building Society has won three awards for innovation so far this year, having been named 'Innovator of the Year' at the Moneywise Magazine Mortgage Awards 2014 for its Welcome Mortgage. This allows borrowers to pay 0% interest for the first few months of their term so they can free up cash to help them settle into their new home.

The Society also scooped the 'Mortgage Innovation Award' and was named 'Most Innovative Personal Finance Provider' at the Moneynet Personal Finance Awards 2014.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.1bn (as at 30 June 2014). The Society has operated from the centre of Leeds since 1886.