Leeds launches sub-5% buy-to-let mortgage

The Leeds Building Society has launched a three-year buy-to-let mortgage offer at 4.99 per cent.

Available at up to 80 per cent loan-to-value, this package does not have a higher lending charge but does have a £999 completion fee which applies up to £500,000.

Fees for loans over this amount will be confirmed by negotiation only.

Capital repayments of up to ten per cent are allowed each year. Above this amount, early repayment charges will apply in the introductory three years.

Kim Rebecchi, general sales manager at Leeds, said: “Our excellent rate combined with a flat fee will prove attractive to both first-time and experienced landlords.

“They will also benefit from our simple buy-to-let underwriting criteria. All we require is proof of identity, a clean credit check and confirmation from a suitable letting agent that the rental income will cover 130 per cent of the interest only mortgage payment.”

There is a fee-free alternative of this buy-to-let mortgage, with an interest rate of 5.49 per cent and free valuation up to £335.