Leeds Building Society

Leeds Building Society lowers stress rate for BTL products

Leeds Building Society has reduced its stress rate on BTL fixed-rate deals for five or more years.

The stress rate has been lowered from 5.5% to 4.5% for BTL purchase or remortgage with additional borrowing on longer-term fixed-rate mortgages.

Martese Carton, director of mortgage distribution at Leeds Building Society (pictured above), said: “As borrowers continue to seek more certainty over costs, we’re seeing a rising number of BTL landlords seeking longer-term fixed rates, a trend that was already noticeable even before we moved into a rising inflation and interest rate environment.

“This change will support more borrowers’ aspirations and give them the stability and security over their monthly payments. 

“Reducing our stress rate for longer-term fixed-rate products gives the applicant greater borrowing power with an added opportunity to capital raise to improve their properties’ energy efficiency.”

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