Leeds launches new BTL remortgage deals

Leeds Building Society has expanded its buy-to-let mortgage range with the addition of new five-year fixed rates for remortgage.

Related topics:  Mortgages
Rozi Jones
28th February 2017
Leeds Building Society
"These latest deals offer more choice for borrowers at the higher LTV end of this type of mortgage, where we tend to see stronger demand for remortgage deals."

The new products are available from 2.75% with a £1,999 fee and 2.90% with a £999 fee.

Both are available up to 70% LTV and come with free valuation, as well as fees assisted legal services for standard remortgages.

Leeds Building Society introduced new criteria on 1st January following changes to underwriting standards for buy-to-let by the Prudential Regulation Authority.

New criteria includes an income covering ratio of 140%, reducing the stress test rate for remortgages with no additional borrowing to 5.00%, and removing the minimum income requirement.

Jaedon Green, Leeds Building Society’s Director of Product and Distribution, said: “Our buy-to-let mortgage range includes different fee and incentive combinations, with LTVs of 60% and 70%.

“These latest deals offer more choice for borrowers at the higher LTV end of this type of mortgage, where we tend to see stronger demand for remortgage deals.

“The market continues to benefit from buoyant demand for buy-to-let remortgage as landlords take action to minimise costs and manage profitability. This market has become even more active since the changes to Stamp Duty came into effect last March and ahead of the impending changes to tax relief.

“We amended and simplified our buy-to-let criteria from the start of this year and our new approach has been well-received by brokers.”

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