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Leeds Building Society adds to buy-to-let remortgage range

by: Owain Thomas
  • 28/02/2017
  • 0
Leeds Building Society adds to buy-to-let remortgage range
Leeds Building Society has added two five-year fixed rate remortgage products to its buy-to-let range.

The 2.75% product has a £1,999 fee, while the 2.90% loan has a £999 fee.

Both rates are available up to and including 30 April 2022 at up to 70% loan-to-value (LTV) and include a free valuation up to £999, as well as fees-assisted legal services for standard remortgages.

“These latest deals offer more choice for borrowers at the higher LTV end of this type of mortgage, where we tend to see stronger demand for remortgage deals,” said Leeds Building Society director of product and distribution Jaedon Green.

“The market continues to benefit from buoyant demand for buy-to-let remortgaging as landlords take action to minimise costs and manage profitability.

“This market has become even more active since the changes to Stamp Duty came into effect last March and ahead of the impending changes to tax relief,” he added.

Leeds amended its buy-to-let criteria from the start of the year following changes to underwriting standards by the Prudential Regulation Authority.

The new criteria includes an interest coverage ratio (ICR) of 140%, reducing the stress test rate for remortgages with no additional borrowing to 5%, and removing the minimum income requirement.

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