Please note:

Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.

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Leeds launches market-leading Buy to Let variable mortgages from 1.14%

Leeds Building Society has launched two market-leading new discounted Buy to Let mortgages.

The Society continues to seek ways to support landlords to actively manage their property portfolios, particularly as they work through the implications of the changing tax regime on their investments.

The new discount variable mortgages - at 1.14% up to 60% LTV (loan to value) and 1.34% up to 70% LTV - are expected to appeal to existing landlords who can remortgage to a better deal while rates remain low.

“These shorter-term discount mortgages offer market-leading rates and a package of incentives,” said Jaedon Green, Director of Product and Distribution at Leeds Building Society.

“Widening our range of discounted residential mortgages was well-received so we’ve seen that there’s an appetite for variable rate deals – with the potential for lower monthly repayments than equivalent fixed rate mortgages*– among borrowers who don’t expect interest rates to increase significantly in the near future.

“We may be in a rising rate environment but the Bank of England has suggested any Base Rate increases will be small and gradual, in recognition of the fact that rates have been at historically low levels for the last decade.

“The past couple of years have seen a lot of change for landlords, with the introduction of new rules for portfolio landlords and wide-ranging tax changes, the impact of which is still being felt.

“For that reason we know landlords need to take a far more active role in managing their portfolio to maximise yield and making sure they have the best deal on their mortgage finances.”

*For illustrative purposes: borrowing £250,000 on the 1.14% two year discount variable Buy to Let mortgage, if there were two BBR increases each of 0.25% in August 2019 and 2020, repayments would have totalled £1,343.75 less, compared to the same sized loan on a 1.53% two year fixed rate mortgage.

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 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

1.14% Legal Assisted 2 Year Discount variable Buy to Let mortgage

  • 4.55% discount for first two years, then 0.70% discount on SVR for subsequent three years
  • Available up to 60% LTV
  • Free standard valuation
  • Fees assisted legal services on standard remortgages
  • £2,499 fee
  • 10% penalty free capital over-repayments permitted each year
  • Tapered ERCs 3%/2% for years 1 and 2
  • Available for purchase and remortgage

1.34% Legal Assisted 2 Year Discount variable Buy to Let mortgage

  • 4.35% discount for first two years, then 0.70% discount on SVR for subsequent three years
  • Available up to 70% LTV
  • Free standard valuation
  • Fees assisted legal services on standard remortgages
  • £2,499 fee
  • 10% penalty free capital over-repayments permitted each year
  • Tapered ERCs 3%/2% for years 1 and 2
  • Available for purchase and remortgage