Leeds introduces new buy-to-let mortgage rates
UK property investment could become easier for many landlords thanks to the improving condition of the buy-to-let mortgage market.
Leeds Building Society has become the latest lender to overhaul its buy-to-let offerings, cutting rates across its two and three-year fixed deals, including a number of market leading products.
Three-year fixed-rate deals have been cut by 0.85 per cent across the board, meaning deals are now available at a rate of 4.29 per cent with a loan-to-value (LTV) of up to 60 per cent.
A rate of 4.59 per cent is on offer for up to 65 per cent LTV and 4.79 per cent up to 70 per cent LTV.
Leeds has also cut 0.85 per cent off the rates of its two-year fees assisted mortgages, which allow for a free valuation up to £335 and free in-house legal services for standard re-mortgages.
This range now includes rates at 3.99 per cent up to 60 per cent LTV, at 4.19 per cent available up to 65 per cent LTV and at 4.39 per cent up to 70 per cent LTV.
All the two and three-year fixed-rate mortgages allow for ten per cent capital repayments each year without penalty and have no higher lending charge.
"Our new buy-to-let range offers great value, with market leading three-year offers and a two-year deal at under four per cent. We have delivered certainty and peace of mind, not only in terms of a fixed monthly payment but also with fixed fees of only £999 on the two and three-year products," said Kim Rebecchi, Leeds Building Society's sales and marketing director.
"Clearly, this is of significant benefit to those landlords looking to budget and manage their portfolio. We believe it's a very good time to lock into a low fixed rate, and these products will attract landlords who may wish to move onto a highly competitive rate and fix their monthly commitments."
Leeds' announcement follows recent figures from the Council of Mortgage Lenders which show gross buy-to-let mortgage lending increased 29 per cent by volume and 40 per cent by value in Q2 2011 when compared with the same period last year.
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