New mortgage range launched for those with a second home
Leeds Building Society has launched a new range of mortgages for second homes, in response to demand from borrowers.
“We were receiving applications from an increasing number of home owners wanting to buy a second property,” explained Jaedon Green, Leeds Building Society’s director of product and distribution.
“Building on our extensive experience in Holiday Let, our new range provides an ideal complement for those seeking a second home for their own use.
“Whether that’s buying a home for their children while at university, or because they work a long distance from home and need somewhere to stay during the week – purchase can make better financial sense than paying out rent in those circumstances.
“Some people are buying homes for their parents or other elderly relatives, perhaps closer to them so they can help with care as they grow older.”
The lender has introduced a new range of products, with two- and five-year fixed rate deals at 65%, 75% and 85% LTV (loan to value) for capital and interest mortgages.
In addition to traditional repayment mortgages, it will lend up to 70% LTV on second homes on an interest only basis, or up to 75% LTV on a part and part basis.
The new range includes:
· A 1.60% two-year fixed rate available up to 75% LTV
· A 2.35% five-year fixed rate available up to 75% LTV.