Leeds Building Society five-year buy-to-let mortgage launched

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Leeds Building Society five-year buy-to-let mortgage launched

Leeds Building Society has introduced its new five-year buy-to-let mortgage designed specifically for landlords who are searching for "peace of mind".

The product will have an interest rate of 5.49 per cent or 5.99 per cent for the fee-free version and enables customers to take advantage of ten per cent capital repayments per annum without a penalty.

Stuart Fearn, product development manager at Leeds Building Society, commented: "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. This product protects them against any increases and provides excellent peace of mind."

The rate of 5.49 per cent will be fixed until January 31st 2012 and is available to customers at up to 80 per cent loan-to-value.

The Leeds Building Society five-year buy-to-let mortgage comes with no higher lending charge as well as a free valuation up to £335.

Free legal services will also be offered to customers wishing to take out the standard re-mortgages and the Leeds Building Society five-year buy-to-let mortgage also allows for early repayments that are five per cent of the amount redeemed in the first two years, tapering to two per cent in the fifth year.

The building society was presented with the gold award at the Lending Excellence Awards from Lending Strategy Magazine following a survey of some 7,800 customers with recently acquired mortgages.

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