Landlords looking to expand their property portfolio have been put on alert following the launch of a new buy-to-let mortgage that offers penalty-free repayments .
With lending rates of 5.75 per cent, the new three-year fixed-rate mortgages have been unveiled by financial services provider Leeds Building Society and include capital repayments of up to ten per cent per year.
Prospective buy-to-let investors may also be interested to learn that the mortgages come with a maximum 80 per cent loan to value and no higher lending charge.
Karen Wint, head of marketing and PR at the mortgage lender, said that the penalty-free repayments option offers more flexibility to applicants.
"We will also look at earned income in addition to rental income when assessing applications, giving landlords greater flexibility," she added.
Launched in 1875, Leeds Building Society took on its present trading name on September 12th 2005.
In addition to mortgages, the financial services provider also offers savings accounts, credit cards and motor insurance cover .
It competes in the same market as rivals such as Nationwide Building Society, Skipton Building Society and Britannia Building Society .
New buy-to-let mortgage unveiled by mortgage lender
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New buy-to-let mortgage unveiled by mortgage lender
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