Mortgage News
Tesco cuts rates as Leeds increase buy-to-let cashback – roundup
Tesco Bank has cut mortgage rates and Leeds Building Society has increased cashback for landlords, as the lenders start the new year by improving their deals.
Tesco reductions have been targeted at borrowers with smaller deposits.
The lender now offers a two-year fix of 3.35% for borrowers with a deposit of just 5%, or 2.26% for those at 90% loan to value (LTV).
Both deals come with £250 cashback.
Tesco has also cut five-year remortgage rates at 80% LTV to 2.23%, and 85% LTV to 2.34%, both with £250 cashback.
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Leeds doubles buy to let cashback
Leeds has increased its cashback incentives available on select two and five-year buy-to-let mortgages.
The lender has increased the sums from £500 to £1,000.
The range includes a two-year buy-to-let at 2.69% and 60% LTV and without a fee, as well as a five-year equivalent set at 2.74%.
Matt Bartle, Leeds Building Society’s director of products, said: “We’ve increased the cashback incentives available on some of our buy-to-let products while maintaining our product rates.
“Of course, landlords can choose how to spend the £1,000 cashback available.
“Cash freed up at the start of the mortgage could go towards redecorating costs and fees associated with finding tenants.
“Increasing cashback available on our buy-to-let range is a further example of how we’ve used our expertise and experience in the market to understand and respond to the needs of customers.”