Leeds Building Society launches 3-year fixed rate buy to let mortgage

Leeds Building Society is today launching a new 3-year fixed rate buy-to-let mortgage product at only 5.75%, which is specifically designed to suit the needs of landlords looking for a competitive fixed rate and to protect themselves against any future rises in interest rates.

The product is available up to 80% loan to value, there is no higher lending charge and 10% capital repayments are allowed each year without penalty. Furthermore, there is a fee free version for landlords who prefer to minimise up front costs.

Karen Wint, Head of Marketing & PR said "These new buy to let options are competitive and offer the flexibility of being able to pay off 10% of the capital without penalty. They also allow landlords to lock in value and provide certainty of payments, which will be of particular benefit if the widely predicted increase in bank base rate takes place, possibly as early as next month.

"We will also look at earned income in addition to rental income when assessing applications, giving landlords greater flexibility. This facility enhances the amount that can be borrowed where the rental yield does not cover 130% of the mortgage payment."