Buy To Let Date:
Leeds Building Society has cut the rate on its stepped buy-to-let (BTL) mortgage by 0.15%, earning it an 'excellent' rating as a result.
This mortgage now has a competitive rate of 2.05% fixed until 31.8.18, after which borrowers will be moved onto a discounted variable rate of 4.99% (1.00% disc) until 31.8.21. It is available at a loan-to-value (LTV) of 60% and has a fee of £999.
Second-time buyers and landlords who are looking to remortgage their rental property are welcome to apply for this deal, provided they have a deposit of 40%. All applicants can profit from an incentive package of free valuation (£999 max), while remortgagors can also take advantage of the offer of help towards costs.
Overpayments of up to 10% of the outstanding balance are also permitted, which gives borrowers some flexibility over their repayments and the opportunity to reduce their mortgage balance.
Landlords who are looking for an attractive BTL deal will certainly pay attention to this rate reduction; not only is the deal now more cost-effective but it also comes with an appealing incentive package, particularly for remortgagors. The option to make overpayments is also an attractive feature and ensures this deal's status as an 'excellent' product.
Moneyfacts rating: Excellent
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