Leeds Building Society BuytoLet two and three year products discounted

Leeds Building Society BuytoLet department have discounted their two and three year products whilst keeping their 5 year deals at the same level.

These are 65 and 70% Loan to value products with an attractive initial rate and good value fixed fees of £999 that really do benefit the larger loan over percentage based fees. This proves there is still value to be found in the market provided there is a sufficient level of equity in a property to reduce a lenders perceived risk. Product details can be seen below:

3.99% Two year fixed until 31/10/2014 max 65% LTV with £800 completion and £199 booking fee

Reverts to the Societies BuytoLet variable rate currently 5.99% for the remaining term of the mortgage

Early repayment charges 5% year one  and 4% year two of the amount repaid until 31/10/2014 with 10% capital repayments allowed each year without incurring a charge.

This product is stress tested at 130% of the 5.99% variable rate and allows you to borrow 154.10 times the monthly rental income.

Total cost over 2 years on a £100,00 interest only mortgage = £9058.72

3.99% Two year discount max 70% LTV variable rate 5.99% less a discount of 2% with £800 completion and £199 booking fee

Reverts to the Societies BuytoLet variable rate currently 5.99% for the remaining term of the mortgage

Early repayment charges 5% year one  and 4% year two of the amount repaid with 10% capital repayments allowed each year without incurring a charge.

This product is stress tested at 130% of the 5.99% variable rate and allows you to borrow 154.10 times the monthly rental income.

Total cost over 2 years on a £100,00 interest only mortgage = £9058.72

4.14%% Three year fixed until 31/11/2015 max 65% LTV with £800 completion and £199 booking fee

Reverts to the Societies BuytoLet variable rate currently 5.99% for the remaining term of the mortgage

Early repayment charges 5% year one , 4% year two and 3% year three of the amount repaid until 30/11/2015 with 10% capital repayments allowed each year without incurring a charge.

This product is stress tested at 130% of the 5.99% variable rate and allows you to borrow 154.10 times the monthly rental income.

Total cost over 2 years on a £100,00 interest only mortgage = £13543.08

Standard criteria:

• Minimum income requirement £20,000
• HMOs are considered but the property must be let on a single AST
• Min Loan £25,001 max £500,000
• Min property value of £50,000
• Tenants claiming DWP benefits are not acceptable.
• Available throughout the UK.

These Leeds Building Society BuytoLet products have attractive headline rates and fees, but you need to factor in the cost remortgaging over a product with a longer term initial rate deal. A cheaper product over a shorter period of time may necessitate all the fees involved with remortgaging on a more frequent basis and hence must be weighed against the higher cost of longer term rates.

To discuss a specific Buy to Let deal you can call us on 01603 489118 or email info@property118.com

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