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Leeds Building Society launches BTL mortgage with 0% interest for three months

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  • 23/10/2018
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Leeds Building Society launches BTL mortgage with 0% interest for three months
Leeds Building Society has launched an 'easy start' buy-to-let mortgage for landlords buying a new property, with 0% interest rate for the first three months.

 

The range is five-year fixed deals, including rates of 2.72% and 2.82% available up to 60% loan to value (LTV), with a £999 and no fee respectively, and 3.09% and 3.24% available up to 70% LTV, with a £999 and no fee respectively.

The product is an updated version of its Welcome Mortgage, which was introduced to offer borrowers breathing space at a time when their finances were likely to be stretched with moving and other costs.

The society’s new BTL version gives landlords the same benefit when they are getting their property ready to rent to guarantee the best for their tenants.

Jaedon Green, Leeds Building Society’s director of product and distribution (pictured), said that this product could take away some of the pressure on landlords during an initial void period.

He added: “When landlords first buy a property, they might need to decorate or carry out refurbishments before tenants can move in, so clearly there’d be no rent coming in over that time. Cash freed up at the start of the mortgage could go towards a higher-quality fit-out to help to secure a better rental return.”

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