Leeds Building Society launches new buy-to-let mortgage

17-Nov-2006

Leeds Building Society has announced the launch of a new fixed-rate buy-to-let mortgage that may be suitable for first time buyers looking to invest.

For first time buyers uncertain about any future interest rate increases, a mortgage fixed for five years at 5.49 per cent may offer sufficient levels of stability and peace of mind.

The new mortgage is available with a loan-to-value up to 80 per cent and overpayment is permitted, up to ten per cent of the total capital each year.

However, the mortgage does include a tapered early redemption charge of between five and ten per cent of the total balance.

"Some landlords who currently have discount or tracker mortgages may be concerned about what will happen to their monthly payments if interest rates continue to rise," said Stuart Fearn product development manager at Leeds Building Society.

"This product protects them against any increases and provides excellent peace of mind," he added.

A fee-free version of the mortgage is also available, with an interest rate of 5.99 per cent.

Leeds Building Society offers a range of buy-to-let mortgages, with interest rates from 4.99 per cent to 7.04 per cent.

To find out more about this mortgage, contact a good mortgage broker.

To find out how to get onto the property ladder by buying to let somewhere else click here.

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