Leeds Building Society launches new buy-to-let and holiday let products
Leeds Building Society has launched a number of buy-to-let and holiday let mortgages up to 75% loan-to-value (LTV).
The Society is re-entering 75% LTV (loan to value) with its 2.14% 2-year fixed rate and 2.44% 5-year fixed rate mortgages. Its holiday let offering is also available upto 75% LTV with a 4.24% 5-year fixed rate mortgage, with no product fee.
In addition to increasing the maximum LTV for Holiday Let mortgages, the Society also is improving its minimum income requirements on this type of product and will now accept joint applicants with a total income of £60,000 where one applicant alone earns less than £40,000.
Matt Bartle, director of products at Leeds Building Society, said: “Understanding borrower needs and developing products and lending criteria to support our customers is key to who we are as a mutual.
“I’m pleased we’re able to increase the maximum LTV on our buy-to-let lending from 70% to 75% with the launch of these two new products, which are among the improvements we’re making to our range.
“We’ve been offering dedicated holiday let mortgages for some time and are increasing available LTV and changing our minimum income requirements to support more borrowers looking at this type of investment.
“While interest in holiday let has continued to build over recent years, we expect this demand to remain strong as more people choose staycations because of the restrictions or complexities around international travel due to the pandemic.”
The changes come into effect on Thursday, 6 May.