The Leeds Building Society has cut its BuytoLet rates buy up to 0.7% on selected products whilst keeping low fixed fees and continuing to offer products at 80% Loan to Value.
Headline rates include:
3.29% 2 year discount followed by a 3 year discount at 4.99%. (This is based on the Leeds variable rate of 5.99% minus 2.7% for 2 years and minus 1% for the next 3 years) Reverting then to the Variable rate at 5.99% for the term of the loan.Maximum LTV 70%, Completion fee £800 and booking fee £199, Tapered early repayment charges of 4% year 1 and 3% year 2 only.
4.99% 2 year fixed 80% LTV until 31/08/2015 followed by 4.99% discounted until 31/08/2018 reverting to the variable rate at 5.99% for the term of the mortgage. Completion fee £800 and booking fee £199. Tapered early repayment charges until 31/08/2015
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.”
“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.”
Standard Leeds Criteria:
- Rental stress testing at 125% interest cover on 5.99% notional rate = You can borrow 160.26 times the monthly rental
- Min Property value £50,000 or £85,000 with a London postcode and £70,000 in the South East
- Maximum portfolio size regardless of Lender = 4
- Minimum income for applicants of £20,000 per annum