Mortgages  

Leek offers buy-to-let exclusives

Leek offers buy-to-let exclusives

Leek Building Society has launched a two year buy-to-let fixed rate product at 1.84 per cent, exclusively for TMA Club advisers.

The rate is available on loans up to 75 per cent of the value of the property, with product application fees of £100, which can be added to the loan or paid upfront. It is available for both portfolio and non-portfolio landlords.

Rob McCoy, senior business and product manager at TMA, said: "Leek United Building Society has always been fully supportive of directly authorised firms. We are delighted to be offering this product as an exclusive to provide our members with the most innovative and competitive products, particularly at a time when rate rises are looming."

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Leek offers free standard mortgage valuation for all purchase, remortgage or further borrowing applications on a maximum portfolio of 15 properties.

Like-for-like remortgage applications with no additional borrowing also benefit from a lower rental calculation of at least 125 per cent of mortgage interest calculated at an interest rate of 5.5 per cent, as opposed to the standard 140 per cent at 5.5 per cent.

Clare Beardmore, head of mortgage sales at Leek United Building Society, said the product was 0.05 per cent lower than the comparative "mainstream" product.

Paul Dorward, from PAD Financial in Sheffield, said the rate was good, but he found there was "no interest at all in buy-to-let since the tax changes".

"I'm not surprised to see lenders offering good rates, given that the market is so quiet," he said. "However, I'm not sure why they don't offer lower rates and higher fees if you can offset fees but not interest."