Leeds BS 

Leeds doubles BTL cashback incentive

Leeds doubles BTL cashback incentive

Leeds Building Society has increased the cashback incentives available on selected two- and five-year buy-to-let mortgages to £1,000.

The range also includes a free standard valuation with rates starting at 2.69 per cent on the two-year mortgage and 2.74 per cent on the five-year equivalent.

Both products are available at up to 60 per cent loan to value (LTV).

Matt Bartle, Leeds Building Society’s director of products, said: "We’ve increased the cashback incentives available on some of our buy-to-let products while maintaining our product rates.

"Of course, landlords can choose how to spend the £1,000 cashback available. Cash freed up at the start of the mortgage could go towards redecorating costs and fees associated with finding tenants."

The launch of the products follows the introduction of Leeds's easy start buy-to-let mortgage, which offers an interest rate of 0 per cent for the first three months.

The five-year product in the range is available at 3.03 per cent for up to 70 per cent LTV, having been cut by 0.21 per cent.

David Hollingworth, communications director at L&C Mortgages, said: "Leeds has a very comprehensive buy-to-let product range and is clearly committed to ensuring it can cover all the bases with the increases to its cashback.  

"Cashbacks have generally been on the rise and could be as useful to a landlord remortgaging as it could to one purchasing a new property who is facing substantial costs.  

"Of course there’s a balance to be struck and landlords need to look for good overall value, as the rate will be higher than for other deals.  

"These products illustrate the diversity of options now available to landlords, ranging from low headline rates with big fees through to no fee deals with incentives and cashbacks."

carmen.reichman@ft.com