"Five year fixed rate products remain the choice for borrowers looking for longer-term security over their monthly repayments"
The deal comes with a low £199 fee and also has a free valuation. Fees assisted legal services are available for standard remortgages.
Jaedon Green, Leeds Building Society’s Director of Product and Distribution, said: “This market-leading Buy to Let deal is available for purchase or remortgage up to 70% LTV.
Buy to Let remortgage activity is highest at this LTV level and landlords appear to have been acting to minimise their costs and manage profitability as the Government’s tax changes began to affect this market.
Five year fixed rate products remain the choice for borrowers looking for longer-term security over their monthly repayments, making it easier to budget, which can be particularly useful when managing a privately rented property.”
In addition to its varied offering of BTL mortgage deals, the Society has strengthened its dedicated BTL mortgage underwriting team to smooth the application process, as well as amending and simplifying its criteria for this type of lending.
Leeds Building Society was one of the first lenders to introduce new BTL criteria on 1st January following changes to underwriting standards by the Prudential Regulation Authority (PRA).
These include an income covering ratio (ICR) of 140%, reducing the stress test rate for remortgages with no additional borrowing to 5.00%, and removing the minimum income requirement.
As well as the market-leading 3.10% five year fix, the Society has refreshed its wider BTL range, including the addition of a new purchase-only two year fixed rate mortgage at 1.99% up to 60% LTV.
The fixed rate period is followed by a 1% discount for the following three years and the mortgage comes with a free valuation.
