The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market for the week commencing 17.5.21
Leek United Building Society s branch in Derby Street (Image: Google Images)
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A building society branch is to close for six weeks so a refurbishment can get underway.
Leek United Building Society has reintroduced portfolio buy-to-let and interest-only products.
The society has released two residential interest-only products, which include a 75% LTV 2-year fix at 2.42% or discounted at 2.19% variable.
Leek United has also added three BTL products, which are available at 2 and 5-year options up to 65% LTV, and a 2-year fixed up to 75% LTV.
The lender has also removed the requirement for a personal affordability assessment, which speeds up the processing of portfolio applications.
Leek United has also reduced the rate on its 85% LTV residential 5-year fix, which includes no fees or £400 cashback.
Laura Allcock, intermediary lending manager at Leek United Building Society, said: “Following many conversations with intermediaries we were keen to get back in to both the portfolio BTL and interest-only markets.
Leek returns to BTL and interest-only markets
By Roger Baird 1
Leek United Building Society has returned to portfolio buy-to-let and interest-only markets.
The lender has released a pair of residential interest-only products, with two-year residential options with rates fixed at 2.42 per cent, or discounted at 2.19 per cent variable (standard variable rate, minus 3.00 per cent for two years) with up to 75 per cent loan to value.
It has launched three new portfolio BTL products, 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.