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The Background of Leeds Building Society
Are you considering seeking a buy to let mortgage from Leeds Building Society? If so, you'll be doing business with one of the top ten building societies in the UK. The society has a long and storied history. Formally established in 1875 as the Leeds and Holbeck Building Society, the group funded £16,000 in mortgage loans during its very first year of operations. By the end of year one, the society had 450 open accounts.
Leeds Building Society remains wholly member owned, and that is how it intends to stay. In 2005, the society changed its name from the Leeds and Holbeck Building Society to the Leeds Building Society. One year later, the society merged with the Mercantile Building Society. The society's commitment to helping individuals throughout the UK fund home purchases has held steady throughout its history. The society now holds more than 70,000 mortgage loans and offers a wide variety of savings products.
Buy to Let Options from Leeds Building Society
Landlords can choose from among several different Leeds buy to let loan programs. Those who want a predictable monthly payment amount are likely to find one of the society's three year fixed rate buy to let options available. A standard three year fixed rate loan is available, as is a fee free option.
The Leeds Building Society also offers two tracker options, as well as a standard variable rate buy to let program. Estate investors can select either an offset buy to let lifetime tracker loan or a standard buy to let lifetime tracker loan. Interest rates on both of these products are based on the Bank of England Base Rate plus 1.25 percent. Interest on the buy to let variable rate loan option is based on the standard variable rate plus .30 percent.
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