Leeds rolls out new buy-to-let mortgage

21 December 2006
Leeds Building Society has described as "excellent value" its new buy–to-let mortgage package.

The three-year package is set at a fixed rate of 5.29 per cent, which means it will not change even if the Bank of England decides to change the base rate.

The mortgage is available at up to 80 per cent loan-to-value, offers capital payments of ten per cent each year and is also fully portable, according to Kim Rebecchi, the general manager of sales at Leeds.

Coming with a £999 application fee, the mortgage offers tapered repayment charges of four per cent, decreasing by one per cent each year.

A fee-free version of the three-year fixed-rate mortgage is also available from Leeds, a deal which possesses an interest rate of 5.89 per cent for the duration of the mortgage term.

Ms Rebecchi said that the group's online facility would allow consumers to apply for both mortgages with the minimum of fuss.

"The application [online] 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 home," she added.

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