Leeds and Barclays Cut Rates Across Buy To Let and Residential Mortgage Products
Leeds Building Society has refreshed its buy-to-let product range with rates starting at 2.65% fixed for two years up to 60% loan-to-value (LTV) with a £1,999 fee.
Up to 70% LTV, landlords can access a 3.19% two-year fixed rate with a fee of £999, a free standard valuation up to £335 and free in-house legal services.
Meanwhile Barclays is reducing rates by up to 0.50% on selected fixed, tracker, offset and Family Springboard Mortgage products to help borrowers cope with a rise in the Bank base rate. In a statement Barclays said it believes speculation around a potential increase to the base rate will fuel the remortgage market for the rest of 2014.
Findings from research firm CACI revealed that an estimated 285,000 mortgage customers would be coming to the end of an existing deal between August and December. It predicted that this could create a £33bn pool of potential remortgage business.
In statement Barclays said: “Many customers coming off existing deals will move from rates between 3 and 4% onto an average market standard variable rate of 4.4% [source Council of Mortgage Lenders]. “Factor in a potential base rate increase of 0.25% and customers could see their monthly repayments increase from between £55 to £136 per month.”
Andy Gray, managing director of mortgages for Barclays, said: “We want to help our customer’s make their money go further so remortgaging in particular could potentially provide a reduction in monthly repayments, peace of mind over their mortgage future or even helping people to repay their mortgage quicker.”