Back to December 2015

Improvements to Leeds Buy to Let range and criteria

A new range of mortgages with cashback has been launched for existing Buy to Let borrowers with Leeds Building Society.

Existing Buy to Let borrowers wanting to add to their portfolio or remortgage properties they own already can choose from an exclusive range of competitive mortgages, each with £250 cashback.

Highlights include a two year discount Buy to Let mortgage at 2.10%; a two year fixed rate at 2.60%; and a five year fixed rate at 3.39%.

All these deals are available up to 60% LTV and come with a free valuation, for properties worth up to £500,000 and fees assisted legal services. They also benefit from a low £199 fee.

Buy to Let products up to 70% LTV are also available.

“Adding the cashback benefit for existing Buy to Let borrowers complements some of the other changes we have made to criteria on this type of lending,” said Martin Richardson, Leeds Building Society’s Director of Business Development.

“We keep our lending criteria under active review and listen carefully to feedback from borrowers and intermediaries to find ways we can improve our service and develop products which better suit customer need.”

The Society made improvements to criteria on its Buy to Let mortgages earlier this year, including increasing the maximum number of properties a borrower can hold – it continued to lend on up to four properties while increasing the maximum permitted in a borrower’s Buy to Let portfolio to eight.

Currently a minimum income requirement of £25,000 exists but this has been improved to allow joint income earners with less than £25,000 each to apply, provided their joint income is at least £40,000.

The Society requires rental income to be at least 125% of interest payable on the Buy to Let variable rate.

Ends

Notes to Editors

Leeds Building Society received the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2016, the third consecutive year the Society has won this category, as well as the award for ‘Product Innovation (Lenders)’.

The Society also has been named ‘Best Regular Savings Account Provider’ for the second consecutive year by independent consumer advice website Savings Champion.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.