Leek United Building Society has announced it is returning to the portfolio buy-to-let (BTL) and interest only markets.
The society has also confirmed several product changes to support its intermediary partners.
Following feedback from partners and several months away from the portfolio BTL and interest only markets, Leek United has released two new residential interest only products to its range of mortgages.
Three new portfolio BTL products have also been launched with two and five-year options up to 65% LTV, and a two-year fixed product up to 75% LTV.
The latest move accompanies a recent criteria change meaning the society will now accept portfolio landlords whose sole income stream is rental income. Furthermore, Leek United has removed the requirement for a personal affordability assessment, speeding up the processing of portfolio applications.
Leek United intermediary lending manager, Laura Allcock, commented: “Following many conversations with intermediaries, we were keen to get back in to both the portfolio BTL and interest only markets.
"We are seeing an increased demand and have the specialist skills in our intermediary and underwriting teams to deliver a quality service. We are constantly reviewing our processes and our product ranges to ensure we are meeting the needs of our partners in 2021.”
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