"We're able to increase the maximum LTV on our buy-to-let lending from 70% to 75% with the launch of these two new products"
Leeds Building Society is launching new buy-to-let and holiday let mortgages.
From Thursday 6th May, the Society is re-entering 75% LTV lending on buy-to-let with two new products, as well as entering holiday let at 75% LTV for the first time.
Two-year fixed rate buy-to-let products start at 2.14% with a five-year fixed rate available from 2.44%, both with a £999 fee.
A five-year fixed rate holiday let product is also avauilable at 4.24% with no product fee.
In addition to increasing the maximum LTV for holiday let mortgages, the Society also is improving its minimum income requirements and will now accept joint applicants with a total income of £60,000 where one applicant alone earns less than £40,000.
Matt Bartle, director of products at Leeds Building Society, commented: “Understanding borrower needs and developing products and lending criteria to support our customers is key to who we are as a mutual.
“I’m pleased we’re able to increase the maximum LTV on our buy-to-let lending from 70% to 75% with the launch of these two new products, which are among the improvements we’re making to our range.
“We’ve been offering dedicated holiday let mortgages for some time and are increasing available LTV and changing our minimum income requirements to support more borrowers looking at this type of investment.
“While interest in holiday let 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.”