Leeds Building Society has launched a new range of buy-to-let mortgages with an interest rate of 0% for the first three months.
The new ‘Easy Start’ products, which is an updated version of Leeds BS’ ‘Welcome Mortgage’, includes four five-year fixed rate products available at loan-to-value (LTV) ratios ranging from 60% to 70%.
One 60% LTV product is offered at 2.72% with a £999 fee, while the other is available at 2.82% without a fee.
In terms of 70% LTV products, there is a 3.09% deal available with a £999 fee and 3.24% deal without a fee.
All four five-year fixed rate deals come with a free standard valuation.
Jaedon Green, director of product and distribution at Leeds Building Society, said: “Our Welcome Mortgage won awards and industry praise so we looked at how we could tailor its benefits for buy-to-let borrowers.
“When they first buy a property they might need to decorate or carry out refurbishments before tenants can move in, so clearly there’d be no rent coming in over that time.
“Cash freed up at the start of the mortgage could go towards a higher-quality fit-out to help to secure a better rental return.
“If the landlord chooses to borrow on an interest only basis, Easy Start means there would be no repayments in the first three months.
“This innovation is the latest example of how we’ve used our insight and expertise in the buy-to-let market to understand and respond to customer need.”
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