LSL Group has launched two 5-year fixed rate exclusive buy-to-let products with Leeds Building Society.
The products, with rates of 2.94% and 3.20%, will be available exclusively to TMA members and appointed representatives of the First Complete and Pink networks.
Rob McCoy, senior product and business manager at TMA, said: “In the early part of 2018, we expect to see an increased amount of customer activity in the buy-to-let market. This is due to the volume of product maturities following the 2016 rush to avoid increased Stamp Duty, as well as landlords receiving HMRC letters following the first trading year under the new tax rules.
“We are therefore delighted to be launching these exclusive products with Leeds Building Society, and have committed to offer a longer than normal rate period (up to the 31st May) allowing customers with products that mature throughout the early part of 2018 to still benefit.”
James O’Reilly, corporate account manager at Leeds Building Society, added: “The forecasted value of buy-to-let maturities in Q1 2018 is over £5bn. During the week of the Bank of England base rate increase the market saw a 17% jump in buy-to-let applications, driven by remortgage activity. This was the highest level of application activity we’ve seen since November 2016, when underwriting standards were changed.”
The products will be available for both purchase and remortgage applicants. Upon completion, customers will receive £1,000 cashback, as well as benefit from a free standard valuation and fees assisted legal service.
Both products are available up to 70% loan-to-value throughout England, Scotland and Wales.