Leeds Building Society raises LTV for buy-to-let deals

From Thursday, private landlords can choose from a 2.14 per cent two-year fixed rate buy-to-let mortgage and a five-year equivalent priced at 2.44 per cent. Both deals have a £999 product fee.

At the same time, the society has raised the LTV on holiday lets to 75 per cent for the first time.

The holiday let deal is a five-year fixed rate mortgage priced at 4.24 per cent and has no product fee.

Leeds BS is also improving its minimum income requirements for holiday lets and will now accept joint applicants with a total income of £60,000 where one applicant alone earns less than £40,000.

The society is also increasing available LTVs on new-build homes in both sectors from 65 per cent to 70 per cent on new-build houses and from 60 per cent to 65 per cent on new-build flats.

Matt Bartle, director of products at Leeds Building Society, said: “Understanding borrower needs and developing products and lending criteria to support our customers is key to who we are as a mutual.

“While interest in holiday lest has continued to build over recent years, we expect this demand to remain strong as more people choose staycations because of the restrictions or complexities around international travel due to the pandemic.”