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Leeds BS cuts rates on BTL loans

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  • 07/06/2017
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Leeds BS cuts rates on BTL loans
Leeds Building Society has cut rates on a series of buy-to-let (BTL) products and added a low cost five-year tracker.

Last month the lender told Mortgage Solutions it had yet to decide if it would remain a part of the buy to let portfolio lending sector once new underwriting rules are introduced in the autumn.

The 1.65% five-year tracker is available for standard BTL remortgages at up to 60% loan to value (LTV) and includes a free valuation and fees assisted legal services.

The mutual has also cut all 60% LTV BTL mortgages by 0.1% – this includes a remortgage-only five-year fixed rate deal at 2.39%, with free valuation, fees assisted legal services and a £999 fee.

“We’re seeing more customers moving towards longer-term products, with five-year deals the most popular,” said, Leeds Building Society director of product and distribution Jaedon Green.

“Our five-year tracker comes with no early repayment charges, so the borrower has no penalty charges if they decide to redeem their mortgage within the term, for example if they sell their property.

“This flexibility is useful to landlords, who may be reviewing their portfolios as the new BTL tax legislation eases in,” he added.

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