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Leeds unveils portfolio buy-to-let plans

Leeds Building Society has confirmed that it will continue to accept buy-to-let mortgage applications from portfolio landlords despite the buy-to-let lending rule changes coming in next month.

From 30 September, the lender will expect landlords with four or more buy-to-lets to provide details of assets and liabilities and declare future investment property intentions.

Additional information, such as cashflow, will only be required in more complex cases.

Leeds will increase its maximum portfolio size from eight to 10 as well as limit the maximum number of holiday lets permitted to a third (33%).

But the building society will not alter its core criteria of loan-to-value, maximum loan size, interest coverage ratio and stress tests.

Jaedon Green, Leeds Building Society’s director of product and distribution, commented: “We’re committed to supporting landlords and the buy-to-let market so will continue to accept mortgage applications from portfolio landlords after 30 September.

“We’ve also increased the maximum number of Holiday Lets by 33%, which provides intermediaries with greater flexibility to mix and match, using the Leeds Building Society for up to four properties, whether Buy to Let, Holiday Let or a mixture.” 

Leeds last week reduced rates on its fixed rate buy-to-let deals by up to 0.25%.

New products include a 2.09% two-year fixed rate for purchase only at up to 70% loan-to-value (LTV), and a two-year fix rate remortgage only, available up to 60% LTV.

The products come with a 1% discount for three years following the end of their terms and a £999 completion fee.

Remortgage customers have the option of fees-assisted legal services or £250 cashback.

Green said: “We’ve made reductions across our range of two and five year fixed rate deals for buy-to-let borrowers.

“In addition to the reduced rates, we offer different fee and incentive combinations across the range, including cashback, as part of our ongoing efforts to improve our buy-to-let proposition.

“Earlier changes we’ve made, such as simplifying criteria and removing the minimum income requirement, have been well-received by brokers. We continue to work closely with our intermediary partners to better meet their needs, and those of their clients, in this important sector.”

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