Leek United Building Society has launched a 2-year buy-to-let fixed rate product at 1.84% for loans up to 75% loan-to-value, available exclusively to TMA Club for directly authorised advisers.
Product application fees are £100 and additional product fees can be added to the loan or paid upfront. The product is available for both portfolio and non-portfolio landlords.
Rob McCoy, senior business and product manager at TMA, said: “We are sure this will be a popular product with our members and look forward to continuing to strengthen our relationship with such a highly-regarded building society.”
The scheme offers a free standard mortgage valuation for all purchase, remortgage or further borrowing applications on a maximum portfolio of 15 properties.
On like-for-like remortgage applications with no additional borrowing, there’s also a lower rental calculation of at least 125% of mortgage interest calculated at an interest rate of 5.5%. This is as opposed to the standard 140% at 5.5%
Clare Beardmore, head of mortgage sales, Leek United Building Society, said: “This new buy-to-let rate is 0.05% lower than the comparative ‘mainstream’ product in our new range, and we’re delighted to be able to offer it exclusively to TMA Club’s members.
“Our reputation is built on a commitment to providing the highest standards of personal service and we look forward to working directly with TMA’s advisers to provide them and their customers with the high-quality products and service they continually deliver.”
