Existing Buy to Let borrowers wanting to add to their portfolio or remortgage properties they own already can choose from an exclusive range of competitive mortgages, each with £250 cashback.
Highlights include a two year discount Buy to Let mortgage at 2.10%; a two year fixed rate at 2.60%; and a five year fixed rate at 3.39%.
All these deals are available up to 60% LTV and come with a free valuation, for properties worth up to £500,000 and fees assisted legal services. They also benefit from a low £199 fee.
Buy to Let products up to 70% LTV are also available.
Martin Richardson, Leeds Building Society’s Director of Business Development, said: “Adding the cashback benefit for existing Buy to Let borrowers complements some of the other changes we have made to criteria on this type of lending,” Martin Richardson, Leeds Building Society’s Director of Business Development.
We keep our lending criteria under active review and listen carefully to feedback from borrowers and intermediaries to find ways we can improve our service and develop products which better suit customer need.”
The Society made improvements to criteria on its Buy to Let mortgages earlier this year, including increasing the maximum number of properties a borrower can hold – it continued to lend on up to four properties while increasing the maximum permitted in a borrower’s Buy to Let portfolio to eight.
Currently a minimum income requirement of £25,000 exists but this has been improved to allow joint income earners with less than £25,000 each to apply, provided their joint income is at least £40,000.
The Society requires rental income to be at least 125% of interest payable on the Buy to Let variable rate.
