The deal is available for purchase or remortgage up to 70% loan to value (LTV), has a £199 fee and free valuation. Fees assisted legal services are available for standard remortgages.

The lender has also added a new purchase-only two-year fixed rate BTL mortgage at 1.99% for up to 60% LTV.

The fixed rate period is followed by a 1% discount for the following three years and the mortgage has a £999 fee and comes with a free valuation.

“Buy to let remortgage activity is highest at this LTV level and landlords appear to have been acting to minimise their costs and manage profitability as the government’s tax changes began to affect this market,” said Leeds Building Society director of product and distribution Jaedon Green.

“Five-year fixed rate products remain the choice for borrowers looking for longer-term security over their monthly repayments, making it easier to budget, which can be particularly useful when managing a privately rented property,” he added.

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