LSL Group has launched two new five-year fixed rate buy-to-let products with Leeds Building Society
The products, with rates of 2.94% and 3.2%, will be available exclusively to members of The Mortgage Alliance (TMA) and appointed representatives of the First Complete and Pink networks.
The new buy-to-let products will be available for both purchase and remortgage applicants.
Upon completion, customers will receive £1,000 cashback, as well as benefit from a free standard valuation and fees assisted legal service.
Both products are available up to 70% loan to value (LTV) throughout England, Scotland and Wales, with the 2.94% product subject to a £999 arrangement fee, while the 3.2% product has no arrangement fee.
Rob McCoy, senior product and business manager at TMA, commented: “In the early part of 2018, we expect to see an increased amount of customer activity in the buy-to-let market. This is due to the volume of product maturities following the 2016 rush to avoid increased stamp duty, as well as landlords receiving HMRC letters following the first trading year under the new tax rules.”
During the week of the Bank of England base rate increase the market saw a 17% jump in buy-to-let applications, driven by remortgage activity, according to James O’Reilly, corporate account manager at Leeds Building Society.
“This was the highest level of application activity we’ve seen since November 2016, when underwriting standards were changed,” he said.