Cut-Price Rate Unveiled For Buy-To-Let Investors

A BUILDING society popular with Linley & Simpson's growing number of buy-to-let investors has unveiled an exclusive new rate to make it easier than ever to purchase a rental property. Leeds Building Society has reduced the rate landlords pay if they take out a two-year discount buy-to-let mortgage.

The deal comes as buy-to-let investors are benefiting from record-high rents, strong house prices and cheap financing.

From this month (October), the Leeds is slashing the two-year fees assisted deal by 0.30% to 2.79%.

The discount mortgage is available up to 70% LTV and comes with the added benefits of a low £199 fee, a free standard valuation up to £335 and fees assisted legal services for standard re-mortgages.

Commentators say this latest rate reduction further widens the choice across the society’s competitive range of buy-to-let and Holiday Let mortgages and offers an attractive alternative to fixed rate deals.

It expects the fees assisted products to appeal in particular to homeowners who want to re-mortgage and who are seeking to minimise the costs of switching to a more competitive deal while rates are low. It is one of a number of lenders that have recently launched a flurry of cheap buy-to-let mortgage deals thanks to market expectations that an interest rate rise is some way off.

Nationwide's buy-to-let arm, The Mortgage Works, has recently cut its two-year tracker rate to 2.39pc for borrowers with a 40pc deposit. The loan comes with a £1,995 fee.

Virgin Money, Accord and Santander have also cut their buy-to-let fixed mortgage rates in recent weeks.

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