Leeds Building Society cuts buy-to-let fixes

Ryan Bembridge

June 22, 2018

Leeds Building Society has reduced rates on its no fee buy-to-let mortgages by up to 0.11% – with highlights including a 2.07% 2-year fix to 60% loan-to-value.

Other 2-year fixes include a rate at 2.38% to 70% LTV and a 2.39% 5-year fix at 2.39% to 60% LTV.

Jaedon Green, Leeds Building Society’s director of product and distribution, said: “We have reduced our rates on our two and five year fixed rate products, making them some of the most competitive in the Buy to Let market currently.

“We know the economics of buy-to-let are becoming more challenging and fixed rate products continue to be attractive for landlords, particularly at a time when momentum is growing around an increase in Bank Base Rate following June’s Monetary Policy Committee meeting.

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

The products come with free standard valuation and fees assisted legal services.

The society has added to its buy-to-let mortgage team to help in running the application process.

David Hollingworth, associate director, communications, L&C Mortgages, said: “We do use Leeds. They remain competitive in buy-to-let.

“We’ve seen rates edging up largely, but this shows there’s still competition and lenders are still looking to ensure their products are competitive.

“Leeds are right up there in terms of total costs for smaller mortgages and without a fee, Leeds is offering options for a wider range of landlords.”

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