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Leeds Building Society reintroduces holiday let mortgage range

Leeds Building Society is reintroducing its 2-year fixed rate range of holiday let mortgages.

Products have a rate of 2.84% to 60% loan-to-value and 3.34% to 70% LTV.

Both products come with a free standard valuation, fees assisted legal services, and no product fee.

Matt Bartle, Leeds Building Society’s director of products, said: “In these uncertain times, we believe many will choose to holiday in the UK this summer and take advantage of our seaside towns and stunning countryside.

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“That could well be a trend that continues so we can expect to see more interest in holiday lets in some of the UK’s sought-after locations.

“We were the first lender to launch a range of dedicated holiday let mortgages back in 2013 and our research has shown traditional locations such as the South West, Yorkshire and the Lake District remain popular with holidaymakers, with many favouring a coastal break.

“The recent government announcement on stamp duty is likely to encourage more interest in the buy-to-let market, including holiday lets.

“High demand means high returns but it’s important for landlords to remember performance can be seasonal and affected by the weather.

“Buying a holiday let, like any other property investment, does carry risk but enables an investor to diversify their portfolio risk by letting weekly to a range of occupiers, rather than relying on one individual to pay rent every month.”

BY RYAN BEMBRIDGE

Source: Property Wire

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Leeds launches 10-year mortgages

Leeds Building Society has set its lowest-ever rates on a new range of 10-year fixed rate mortgages for both the residential and buy-to-let markets.

A 10-year fixed rate mortgage for residential applications is being launched with a rate of 2.08 per cent, available up to 65 per cent loan to value.

To find out more about how we can assist you with your BTL Mortgage please click here

Meanwhile, two 10-year fixed rate products for BTL applications will also be available at rates of 2.44 per cent and 3.19 per cent, up to 60 per cent LTV and 70 per cent LTV, respectively.

Matt Bartle, Leeds Building Society’s director of products, said: “In these uncertain times, our new products will provide reassurance for those looking for a bit of longer-term security.”

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According to Mr Bartle, although not all buyers would want to take up a long-term mortgage product, this would suit some people for whom a decade’s worth of interest rate security is important for their needs.

Martin Stewart, founder of London Money, commented: “I think if the coronavirus carries on rampaging across the world we will soon see global base rates at zero or even negative.

“In the old days, variable rates were for the brave; it may now be the opposite is true and that long-term fixed rates are for the brave instead.”

By Simoney Kyriakou

Source: FT Adviser