Leeds Building Society has launched a five-year fixed rate buy-to-let mortgage at a rate of 3.10 per cent.
The deal comes with a £199 fee and also has a free valuation while fees assisted legal services are available for standard remortgages.
It is available for purchase or remortgage up to 70 per cent loan to value.
Jaedon Green, Leeds Building Society’s director of product and distribution, said: “Buy-to-let remortgage activity is highest at this LTV level and landlords appear to have been acting to minimise their costs and manage profitability as the government’s tax changes began to affect this market.
“Five-year fixed rate products remain the choice for borrowers looking for longer-term security over their monthly repayments, making it easier to budget, which can be particularly useful when managing a privately rented property.”
As well as the five-year fix, the society has refreshed its wider buy-to-let range, including a new purchase-only two-year fix at 1.99 per cent up to 60 per cent LTV.
The fixed rate period is followed by a 1 per cent discount for the following three years and the mortgage comes with a free valuation.
Leeds Building Society has also strengthened its buy-to-let mortgage underwriting team and amended and simplified its criteria for this type of lending.
Kevin Dunn, senior partner at Leicester-based Furnley House, said: "Historically it is very reasonable but there are better five-year fixed deals out there."
damian.fantato@ft.com
