Leeds Building Society is offering increased incentives to Buy-to-Let investors by doubling the cashback on certain mortgages.
Taking out either the two-year or five-year fixed rate Buy-to-Let products now gives cashback of £1,000 – twice what they offered before.
The two products also offer landlords other enticements. The two-year deal gives a rate of 2.69% available up to 60% LTV, while the rate for the five-year option is 2.74% also with 60% LTV. A free valuation also comes with both mortgages.
The Leeds has also made changes to its five-year Easy Start Buy-to-Let Mortgage. It has reduced the rate at 70% LTV by 0.21% to 3.03%, and they still offer 0% interest on the first three months under this deal.
“We’ve increased the cashback incentives available on some of our buy-to-let products while maintaining our product rates,” said Matt Bartle, the Leeds’ director of products.
“Of course, landlords can choose how to spend the £1,000 cashback available. Cash freed up at the start of the mortgage could go towards redecorating costs and fees associated with finding tenants.
“Increasing cashback available on our buy-to-let range is a further example of how we’ve used our expertise and experience in the market to understand and respond to the needs of customers.”
The Leeds’ move is a welcome one, with the buy-to-let market in a subdued state. New figures from UK Finance for the year to November 2018 showed that the number of new buy-to-let loans fell by 9% to 6,100, while buy to let remortgaging was 9.5% up as landlords locked into attractive rates.
