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Friday, 26 Nov 2004, 2:33pm

Leeds & Holbeck Building Society has launched a five-year buy to let mortgage aimed at landlords wishing to remortgage properties in their portfolio.

The loan tracks Bank of England base rate plus one per cent, making the current rate 5.75 per cent. It comes with a free valuation and free use of Leeds & Holbeck's legal service for remortgages.

There is an administration fee of £199, which can be added to the value of the loan at completion.

Karen Wint, Leeds & Holbeck head of marketing, said: "Our sales teams have all been telling us that there is real demand for a specific remortgage buy to let product.

"We think this loan offers a great combination of a free valuation and easy to use legal service, without having to pay fees up-front. It may be of particular interest to landlords with more than one property.

"The product sits well in the market. With the current view that we are at the peak of the interest rate cycle, it could well mean a reduction in the rate is on the cards in 2005."