LSL Group has announced two exclusive five-year fixed rate products with Leeds Building Society.
The buy-to-let products – with rates of 2.94% and 3.20% - will be available exclusively for both purchase and remortgage TMA members and appointed representatives of the First Complete and Pink networks.
Customers will receive £1,000 cashback upon completion as well as benefiting from a free standard valuation and fees assisted legal service.
Rob McCoy, senior product and business manager at TMA, predicts an increased amount of customer activity in the buy-to-let market due to the volume of ‘product maturities’ following the rush to avoid increased stamp duty last year and landlords receiving HMRC letters following the first trading year under the new tax rules.
“We are therefore delighted to be launching these exclusive products with Leeds Building Society, and have committed to offer a longer than normal rate period, allowing customers with products that mature throughout the early part of 2018 to still benefit,” he added.
The 2.94% product has a £999 arrangement fee, while the 3.20% has no arrangement fee. Both products are available up to 70% LTV throughout England, Scotland and Wales, with the offer ending on May 31 2018.
Corporate account manager at Leeds Building Society, James O’Reilly, added: “The forecasted value of buy-to-let maturities in Q1 2018 is over £5 billion.”
“During the week of the Bank of England base rate increase the market saw a 17% jump on buy-to-let applications, driven by remortgage activity.”
“This was the highest level of application activity we’ve seen since November 2016, when underwriting standards were changed,” he said.