Leek Building Society Launches New BTL and interest-only Mortgages

The lender has launched  two residential interest-only products, with two-year  rates fixed at 2.42%, or discounted rate at 2.19 % variable (standard variable rate, minus 3.00 per cent for two years) with up to 75 per cent loan to value.

It now has three new portfolio Buy To Let mortgages, with two and five-year options up to 65 per cent LTV, and a two-year fixed up to 75 per cent LTV.

The firm said “a recent criteria change” means it can now accept portfolio landlords whose sole income stream is rental income. Also, the requirement for a personal affordability assessment has been removed, speeding up the processing of portfolio applications.

The Staffordshire-based business has also reduced the rate of its residential five-year fixed product range up to 85 per cent LTV, which comes with fee free and £400 cashback options.

The residential products launched have a minimum loan size of £25,000, a maximum of £1.5m and have a maximum term of up to 40 years. The portfolio BTL products have a minimum loan size of £50,000 and a maximum of £1m.

Leek United said it has been away from the market for “a number of months” and returned after conversations with partners.

Leek United intermediary lending manager Laura Allcock adds “we are seeing an increased demand” in both the portfolio buy-to-let and interest-only markets.