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Leeds launches buy-to-let mortgage

07 December 2005
Leeds Building Society has launched a three-year buy-to-let discount mortgage, ideal for both first-time landlords and professionals, says the mortgage provider.

The new mortgage has a rate of 4.99 per cent, is available up to 80 per cent loan-to-value and has no higher lending charge.

A spokesperson for Leeds said: "The rate is extremely competitive and we have also designed a fee free version. The fee free option offers a free valuation up to £335 and free in house legal service for remortgages, as well as no higher lending charge.

"We believe that these products will be extremely popular and that they are ideal for first time landlords as well as professional landlords, who may wish to move their portfolio onto a highly competitive discount rate product."

The mortgage also allows ten per cent capital repayments each year without penalty.

The British Property Federation warned last month that buy-to-let mortgages which do not require the rental income to exceed the monthly mortgage payments are increasing the risk of repossessions.

The lobby group has said mortgage providers are 'softening' borrowing terms to try to cling onto their market share.

To read more about Buy-to-Let Mortgages, click here.

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