Leeds Building Society has launched a five year fixed rate buy-to-let mortgage at an interest rate of 3.10%.
The deal is available for purchase or remortgage up to 70% LTV and comes with a £199 fee and a free valuation.
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.”
Leeds introduced new buy-to-let criteria on 1 January following changes to underwriting standards by the Prudential Regulation Authority.
These include an income covering ratio of 140%, reducing the stress test rate for remortgages with no additional borrowing to 5.00% and removing the minimum income requirement.
The Society has also refreshed its wider buy-to-let range, including the addition of a new purchase-only two-year fixed rate mortgage at 1.99% up to 60% LTV.
The fixed rate period is followed by a 1% discount for the following three years and the mortgage comes with a free valuation.
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