Buy to Let

Leeds Building Society launches market-leading buy-to-let tracker

Christina Hoghton
Written By:
Christina Hoghton

The low rate is pegged to Bank Rate and comes with no tie ins for the five-year deal period

Leeds Building Society has launched a market-leading five year tracker deal for landlords, with no Early Repayment Charges (ERCs).

The 1.65% five year buy-to-let tracker is available to landlords with at least a 40% deposit and comes with a free valuation, as well as fees assisted legal services for standard remortgages.

The mutual also has reduced rates by 0.10% across its range of buy-to-let mortgages at 60% loan-to-value. The new deals include a remortgage-only five year fixed rate deal at 2.39%, with a free valuation, fees assisted legal services and a £999 fee.

“We’re seeing more customers moving towards longer-term products, with five year deals the most popular,” said Jaedon Green, Leeds Building Society’s director of product and distribution.

“Our five year tracker comes with no ERCs, so the borrower has no penalty charges if they decide to redeem their mortgage within the term, for example if they sell their property. This flexibility is useful to landlords, who may be reviewing their portfolios as the new BTL tax legislation eases in.

“The strong set of products in our buy-to-let range is part of continuous efforts to improve our proposition in this sector, such as simplifying our criteria and strengthening our dedicated underwriting team.”