Although the most homeowners are cringing at the shape of the mortgage market right now, professional landlords are actually enjoying the fact that some of the best mortgage rates out there are designed for them. This is due to the fact that many high street banks are actually lowering their buy to let deals in an effort to draw business through their doors, as the rental business is reaching new heights. The reason for the recent surge in the buy to let market is two-fold, as it is partially due to the fact that many first time buyers cannot afford a home and partially due to the fact that property prices of potential letters is so low.
Leeds Building Society is the latest that hopes to draw in more professional landlords with an announcement of new buy to let mortgage rates designed to lure landlords their way. One of their newest products is a five year fixed product that is set at 4.99% for the length of the term and a low attached 70% LTV. In addition, if lenders needed another reason to consider the deal, the fact that the building society will also allow for 19% capital repayments every year without an early payment penalty is also very enticing.
Of course, this is not all that Leeds has to offer as they hope that their new fixed mortgages are going to draw a bulk of the professional attention their way. They have also added a few extra perks that should make signing a new buy to let mortgage deal with them even more tempting for landlords that are expanding their portfolios and taking advantage of the low property prices and high demand. Each of the perks has to do with fee cuts that are usually associated with a new mortgage.
For those that are willing to take the 5.49% offer that is also fixed at a 70% LTV or higher, fee assistance is available along with a free standard valuation that is otherwise considered to be valued at about £335. For landlords that are simply looking to re-mortgage their current mortgage, free in-house legal services are also provided as part of this deal to make it as simple as possible. Sales and marketing director for Leeds Kim Rebechhi stated the new five year product is aimed to help professional landlords that are looking to a competitive rate and looking to help first time landlords with the assisted fee program.