Buy to Let

Leeds cuts buy-to-let rates – FTAdviser.com

Leeds Building Society has cut rates on its fixed rate buy-to-let deals by up to 0.25 percentage points.

Highlights of the new range include a 2.09 per cent two-year fixed rate for purchase only, available up to 70 per cent loan-to-value (LTV), and a 1.59 per cent two-year fix for remortgage only, available up to 60 per cent LTV.

The products come with a 1 per cent discount for three years following the end of their terms and a £999 completion fee.

Remortgage customers have a choice of fees-assisted legal services or £250 cashback.

Jaedon Green, Leeds Building Society’s director of product and distribution, said different fee and incentive combinations were being offered to enhance the buy-to-let range.

“Earlier changes we’ve made, such as simplifying criteria and removing the minimum income requirement, have been well-received by brokers,” he added.

“We continue to work closely with our intermediary partners to better meet their needs, and those of their clients, in this important sector.”

Matthew Fleming-Duffy, director at Bournemouth-based Cherry Finance, said: “Generally speaking, we need to welcome any kind of rate reduction, particularly from mainstream lenders. Leeds’ offering is decent, but it is not the best product out there.

“The two-year deal at 2.09 per cent – you can compare that to The Skipton, who will go to 70 per cent as well and have a pay rate of 1.79 per cent with a free valuation and £995 fee. 

“The market is very competitive, but it is a positive step from Leeds.”

simon.allin@ft.com

Leave a Reply

Your email address will not be published. Required fields are marked *

5 − 4 =