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Both Virgin money and Leeds Building Society have launched ten-year fixed rate buy to let mortgage products.
Both lenders are looking to target buy to let property investors who want the peace of mind a ten-year fixed rate mortgage can bring amid fears over the economy and Brexit uncertainty.
Virgin Money have launched a fresh selection of ten-year fixed rate buy to let mortgages with rates starting from 2.46 per cent up to 60 per cent loan to value (LTV) with a £1,995 fee and 3.99 per cent up to 75 per cent LTV with no product fee.
The lender is also offering a new seven-year fix rate deal from 2.36 per cent at 60 per cent LTV with a £1,995 product fee, as well as a 3.24 per cent deal at up to 75 per cent LTV with a £995 fee.
Speaking of longer term fixed rates, Andrew Asaam, director of mortgages at Virgin Money, commented: ‘Fixed rates of longer than ten years are not generally available in the UK market but, given the economic backdrop, they can be a perfect choice for borrowers who are looking for longer interest rate certainty.
‘Buy to let customers can benefit, as our new range offers an attractive choice for landlords with fixed rates of up to ten years.”
Meanwhile, Leeds Building Society has also launched a range of ten-year fixed rate buy to let products.
Available from today, products start from 2.49 per cent up to 60 per cent LTV and 3.29 per cent up to 70 per cent LTV.
Both products have a £999 product fee and come with a free standard valuation and fees assisted legal services.
Matt Bartle, Leeds Building Society’s director of products, said: ‘Our new ten-year buy to let products provide additional choice for landlords, and follow our recent rate reductions and the introduction of new cashback incentives in our range.
‘Longer term fixes provide landlords with the opportunity to budget for their mortgage costs over a decade, as well as saving any fees associated with remortaging during the period.
‘In the current rate environment, fixing for a longer term offers landlords some security at a time of economic uncertainty.’