Leeds & Holbeck Building Society is launching a five year buy to let mortgage aimed specifically at existing landlords wishing to remortgage existing properties in their portfolio.
The loan tracks Bank of England base rate plus 1 per cent, making the current rate 5.75 per cent. It comes with a free valuation and free use of the Societys legal service for remortgages.
L&H head of marketing Karen Wint says: “The product sits well in the market. With the current view that we are at the peak of the interest rate cycle, it could well mean a reduction in the rate is on the cards in 2005.”