Leeds unveils sub-5% buy-to-let

19 October 2006
Leeds Building Society has given buy-to-let property investors a boost with the launch of a new three-year lending product from 4.99 per cent.

Customers can borrow up to 80 per cent loan to value on the property they wish to purchase and without-penalty repayments of up to ten per cent each year are allowed, according to the terms.

Leeds BS prides itself on its application of flat fees rather than percentage-calculated extras, which it claims can save customers money in the long-term.

"A buy-to-let rate at only 4.99 per cent offers outstanding value, particularly when combined with a flat fee of only £999, no higher lending charge and ten per cent capital repayments allowed each year without penalty," said Kim Rebecchi, the general sales manager at Leeds.

"We have also developed a fee free version at only 5.49 per cent for landlords who may require help with up front fees," she added.

The buy-to-let mortgage market is growing rapidly in the UK, as an increasing number of young workers find they need to rent for longer before buying.

To read more about buy-to-let mortgages, click here.

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