Leeds Building Society

Leeds Building Society improves BTL and holiday let offerings

Leeds Building Society has revamped its BTL and holiday let ranges.

The two new BTL products and the holiday let mortgage offering are all available up to 75% LTV for purchase or remortgage and come with a free standard valuation and fees assisted legal services.

The new products — available from 6th May — include:

  • a two-year fixed-rate BTL mortgage at 2.14% 
  • a five-year fixed-rate BTL mortgage at 2.44% 
  • a five-year fixed-rate holiday let mortgage at 4.24%, with no product fee 

As part of its BTL and holiday let changes, Leeds Building Society is increasing LTVs on new-build homes in these sectors from 65% to 70% and from 60% to 65% on new-build flats.

In addition, the lender is also improving its minimum income requirements on holiday let mortgages and will now accept joint applicants with a total income of £60,000, where one applicant alone earns less than £40,000.

“Understanding borrower needs and developing products and lending criteria to support our customers is key to who we are as a mutual,” said Matt Bartle, director of products at Leeds Building Society.

“We’ve been offering dedicated holiday let mortgages for some time and are increasing the available LTV and changing our minimum income requirements to support more borrowers looking at this type of investment.

“While interest in holiday lets has continued to build over recent years, we expect this demand to remain strong as more people choose staycations because of the restrictions or complexities around international travel due to the pandemic.”

Leave a comment