New Buy to Let Mortgages from Leek Building Society

by Peter Jacobs

The Leek Building Society has introduced a new fixed rate mortgage for buy to let landlords who have a reasonable deposit to put forward. Although the Leek Building Society have been absent from buy to let mortgages for some years now they have just opened a new mortgage product if buy to let landlords have a 40% deposit. The fixed rate mortgage until September 2012 (just over 2 years) is set at 4.58% and has a £995 product fee. This new product is an excellent rate for new landlords or for those wishing to remortgage to another lender. The product fee is also much lower than some other lenders who are generally keeping away from the buy to let market place.

Product features at a glance

Here are the full features of this buy to let product from the Leek Building Society :

• Fixed rate mortgage for buy to let customers until 30th September 2012
• Fixed rate of 4.58%
• After fixed term the rate reverts to their standard variable rate which is currently 5.19% (above average in this market)
• Minimum loan £50,000 maximum £500,000
• Legal fees cash back of £500
• Early repayment fee of 5% if the loan is repaid during the fixed loan period
• Maximum loan to value (LTV) of 60%

This is a product for new customers of the Leek if you are already a customer then the deal is slightly better as follows :

• Fixed rate buy to let mortgage until 30th September 2012
• Fixed rate of 4.58%
• Product fee of £495 (as opposed to £995)
• Up to 75% LTV (as opposed to 60%)
• Can repay 10% of the loan each year without penalty
• Minimum loan of £20,000 and maximum loan of £500,000
• For investment properties only

Who are Leek United and how do you apply for this mortgage ?

The Leek United Building Society has been around since 1863 and changed its name to Leek United in 1990. They have 12 branches in the Midlands area of the country including Derby, Leek, Cheadle and also have a branch in Newcastle. Although you can’t directly apply for any of their mortgage products online via their website you can either visit a branch or called their customer services team on 0800 783 0847 to discuss this buy to let mortgage or their other products.

However, as their notice says on their website, before investing in the residential lettings market there are many costs and risks to be considered and appropriate professional advice should be obtained.  The society’s provision of Buy to Let funding does not endorse the viability of any residential property investment. You should always seek professional financial advice before taking out any mortgage product especially buy to let mortgages.

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