The lender is reducing rates on some buy-to-let mortgages by up to 0.40 per cent.
Deals include a three-year fixed rate buy-to-let mortgage up to 60 per cent loan-to-value at 3.09 per cent, reduced from 3.49 per cent.
It is also offering a three-year fixed-rate BTL mortgage of up to 70 per cent LTV at 3.3 per cent, reduced from 3.69 per cent.
The three-year fixed rate on Leeds’ assisted BTL mortgage of up to 60 per cent LTV was repriced at 3.39 cent, reduced from 3.69 per cent.
The five-year fixed rate loan of up to 60 per cent LTV is priced at 3.69 per cent, while the five-year fixed-rate BTL loan of up to 70 per cent LTV is 3.99 per cent.
There are fee-assisted alternatives to the new five-year fixed-rate mortgages, and all these fixed-rate deals include a free standard valuation up to £335 and fees-assisted legal services for standard remortgages.
Leeds said its BTL product changes followed last month’s increase in procuration fees on buy-to-let and holiday let mortgages sold through intermediaries.
The society increased the fee from up to 0.37 per cent to up to 0.5 per cent to bring it into line with similar fees on the market. Leeds said it has also increased its underwriting capacity to meet rising demand from intermediaries.
Reactions
Provider view:
Martin Richardson, general manager of business development at Leeds Building Society, said: “These latest buy-to-let mortgages are extremely competitive, and come with a range of benefits, including a free standard valuation and fees-assisted legal services.
“We’ve refreshed our range following broker and customer feedback and the fees-assisted versions of the products offer additional choice, depending on the borrower’s individual needs, including those homeowners who are looking to remortgage.”
Adviser view:
Adviser Daniel Bailey (pictured), owner of Derbyshire-based mortgage broker Middleton Finance, said: “This is good news, and the rates are very competitive. Reduction in the booking fee will certainly help, along with a free valuation and help with legals for a remortgage.
“Leeds is offering some very competitive rates, and the assisted deals will be very attractive to buy-to-let investors.
“However, a slew of lenders have been reducing rates, so it may yet be worth waiting to see what happens as we head into October, especially as a rate rise is not likely to happen soon.”
Charges: The fee is 0.5 per cent.
Verdict:
As we head into autumn, most lenders appear to be falling over themselves to reduce rates – although notably not fees. With inflation figures showing the UK economy stagnated in the last quarter, an anticipated rate rise may still be some way off. So advisers and their clients may be able to make hay while the sun shines for a bit longer.
