Leeds Building Society launches 3-year discount buy-to-let mortgage
18 October 2006
Leeds Building Society has launched a new 3-year discount buy-to-let mortgage at only 4.99%.
The product, available up to 80% loan to value, has no higher lending charge and allows 10% capital repayments each year without penalty.
Kim Rebecchi, General Manager Sales said, "A buy-to-let rate at only 4.99% offers outstanding value, particularly when combined with a flat fee of only £999, no higher lending charge and 10% capital repayments allowed each year without penalty. We have also developed a fee free version at only 5.49% for landlords who may require help with up front fees.
"Many other providers charge an application fee which is 1.5% of the amount borrowed. Therefore, our excellent rate combined with a flat fee will prove attractive to both first time and experienced landlords. They will also benefit from our simple buy-to-let underwriting criteria. All we require is proof of identity, a clean credit check and confirmation from a suitable letting agent that the rental income will cover 130% of the interest only mortgage payment.
"As well as simple criteria, we also give customers a choice of how they deal with us. They can call into their local Leeds Building Society branch to talk to a fully qualified mortgage advisor at any time, and they don't need to make an appointment, or telephone our call centre and speak to a real person between 8am and 8pm, 7 days a week.
"We have also developed our online facility which now enables landlords to apply for a mortgage, receive an instant decision and verified KFI. The application is processed immediately and the new functionality also allows case tracking, so customers can obtain an instant update on their mortgage at any time from the comfort of their own home."
