Mortgages  

Leeds leads the pack with new mortgage deals

Leeds leads the pack with new mortgage deals

Leeds Building Society has taken the scalpel to holiday let mortgages and introduced more loans with incentives and no arrangement fees for remortgagers.

The holiday let deals have rates reduced by up to 0.3 per cent, all with a free valuation and fees assisted legal services.

Remortgage products to be launched also come with free valuations, fees assisted legal services and no arrangement fees, so borrowers can minimise the costs of moving to a new deal.

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Martin Richardson, the society’s general manager for business development, said that some lenders will only allow borrowers with an existing mortgage to choose a specific ‘remortgage’ product.

“We don’t restrict borrowers in that way – you can choose a deal from across our range, which offers lots of combinations of LTV levels with different fees and incentives.”

Meanwhile, TSB broadened its buy-to-let range with remortgages over a three-year term, along with new two-year mortgages for landlords looking to buy a new property.

TSB Intermediary now has a range of fixed rates across two, three and five-year terms for landlords, including fee free options, while free standard valuation and legal packages are also included for remortgages.

The bank is also introducing a minimum income of £25,000 a year for buy-to-let applications, with self employed applicants needing to have been trading for a minimum of one year.

To support brokers, all existing applications and agreements in principle will be honoured and allowed to proceed on the previous criteria.

Finally, specialist buy-to-let lender Paragon Mortgages brought a range of three-year fixed rate products to market this week.

The new products compliment the existing range of two and five-year fixed rate offerings that have been re-dated to 30 September 2017 and 2020 respectively. Rates start from 3.75 per cent for the two-year products and from 4.6 per cent for the five-year fixes.

Here are all the rates that were publicly announced this week:

LenderLTV/Type Headline Rate Product Fee
TSB Intermediary60%/2-year fixed2.24 (BTL)£1,995
TSB Intermediary60%/2-year fixed2.64 (BTL)£995
TSB Intermediary60%/2-year fixed3.04 (BTL)£0
TSB Intermediary60%/3-year fixed3.04 (BTL remortgage)£1,995
TSB Intermediary60%/3-year fixed3.24 (BTL remortgage)£995
TSB Intermediary60%/3-year fixed3.44 (BTL remortgage)£0
TSB Intermediary60-75%/3-year fixed3.84 (BTL remortgage)£1,995
TSB Intermediary60-75%/3-year fixed4.04 (BTL remortgage)£995
TSB Intermediary60-75%/3-year fixed4.24 (BTL remortgage)£0
Leeds Building Society60%/2-year fixed2.64%£999
Leeds Building Society60%/2-year fixed3.04%£199
Leeds Building Society60%/2-year discount2.35% (BTL)
Leeds Building Society70%/2-year fixed3.14% £999
Leeds Building Society70%/2-year discount2.59% £999
Leeds Building Society75%/2-year tracker1.95%
Leeds Building Society75%/2-year discount2.29% (Help to Buy)
Paragon Mortgages75%/3-year fixed3.99% (single, self contained properties)2%
Paragon Mortgages75%/3-year fixed4.45% (HMOs)2%

peter.walker@ft.com