Leeds BS launches additional buy-to-let fixes

by: Edward Murray
  • 24/10/2016
  • 0
Leeds BS launches additional buy-to-let fixes
Leeds Building Society has launched two fixed rate buy-to-let deals.

The first is a two-year fixed rate mortgage at 2.40% available up to 70% LTV. The second is another two-year fixed rate mortgage, but this time at 2% for loans up to 60% LTV.

Both products come with a free valuation for properties worth up to £500,000 and are available for purchase only.

“Perhaps unsurprisingly, there was a peak of activity in the buy-to-let market earlier this year before the Stamp Duty increases came into force,” said Jaedon Green, Leeds Building Society’s director of product and distribution.

He added: “Despite tax changes and forthcoming regulatory changes, the UK continues to benefit from a strong demand for rental properties. Buy to let provides a natural complement to home ownership. A stable housing market requires a healthy equilibrium, with rental properties enabling greater flexibility and employment mobility.”

Leeds BS says it is keen to support the buy-to-let market and will lend on one to four properties, where the borrower’s total portfolio does not exceed eight units.

The society has 65 branches throughout the UK, Gibraltar and Ireland and assets of £14.9bn (at 30 June 2016). In the first half of this year it reported strong results with gross mortgage lending up 33% to £1.93bn.

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