Leeds Building Society has launched a new range of buy-to-let mortgages with cashback for existing borrowers.
Existing borrowers wanting to add to their portfolio or remortgage properties they own already can choose from an exclusive range of competitive mortgages, each with £250 cashback.
Highlights include a two-year discount buy-to-let mortgage at 2.10%, a two-year fixed rate at 2.60% and a five-year fixed rate at 3.39%.
All these deals are available up to 60% LTV and come with a free valuation for properties worth up to £500,000, plus fees and assisted legal services. They also benefit from a low £199 fee.
Buy-to-let products up to 70% LTV are also available.
Martin Richardson, Leeds’ director of business development, said: “Adding the cashback benefit for existing buy-to-let borrowers complements some of the other changes we have made to criteria on this type of lending."
The Society made improvements to criteria on its buy-to-let mortgages earlier this year, including increasing the maximum number of properties a borrower can hold.
It continued to lend on up to four properties while increasing the maximum permitted in a borrower’s buy-to-let portfolio to eight.
Currently a minimum income requirement of £25,000 exists but this has been improved to allow joint income earners with less than £25,000 each to apply, provided their joint income is at least £40,000.
The Society requires rental income to be at least 125% of interest payable on the buy-to-let variable rate.