Leeds Building Society has responded to borrower and broker demand by introducing a new range of mortgages for second homes.
“We were receiving applications from an increasing number of home owners wanting to buy a second property,” said Jaedon Green, Leeds Building Society’s Director of Product and Distribution.
“Building on our extensive experience in Holiday Let, our new range provides an ideal complement for those seeking a second home for their own use.
“Whether that’s buying a home for their children while at university, or because they work a long distance from home and need somewhere to stay during the week – purchase can make better financial sense than paying out rent in those circumstances.
“Some people are buying homes for their parents or other elderly relatives, perhaps closer to them so they can help with care as they grow older.
“We’ve responded to this demand with a new range of products for this under-served market, with two and five year fixed rate deals at 65%, 75% and 85% LTV (loan to value) for capital and interest mortgages.
“In addition to traditional repayment mortgages, we’ll lend up to 70% LTV on second homes on an interest only basis, or up to 75% LTV on part and part.”
Highlights from the new range include:
- 60% two year fixed rate available up to 75% LTV
- 35% five year fixed rate available up to 75% LTV
Source: Leeds Building Society