This website is for use by FSA authorised intermediaries only. If you are a customer please visit our customer website »
22/08/2012 - Update to the Society's affordability calculator
The Society changed the way mortgage applications were assessed, from Income Multiples to an 'Affordability' approach, in April, 2012.
Further enhancements have since been made. These are designed to incorporate other Credit Risk factors into the calculation, these being the application credit score and loan to value that will differentiate further the maximum borrowing amount based on the risks applicable.
The on-line calculator will now provide a minimum and maximum borrowing range. The actual maximum borrowing amount will not be available until a decision in principle has been made.
To get the best results from the model and for the most accurate maximum borrowing amount to be provided it is imperative that the customer, loan and property information is input accurately into the system (LTV, income, commitments, other significant outgoings and household composition).
26/07/2012 - Data Accuracy - Affordability
Following the change to the use of a full affordability model earlier this year, we are seeing cases where the application data input (particularly around existing credit commitments and household composition), is inaccurate. This means we cannot give an accurate decision to lend. When these cases are referred for an AIP, we will refer back to you to edit the AIP screens to ensure the data is correct and the appropriate affordability calculation can be carried out. Please ensure that you input the correct information to ensure that we can provide you with a timely and accurate decision and avoid potential issues later in the process.
In addition, you should ensure that the correct customer name(s), date(s) of birth and address history are input as subsequent corrections may result in a second credit footprint on the customers credit file.
25/07/2012 - Shared Ownership - Memorandum of Sale
A Memorandum of Sale is required for all Shared Ownership applications and must be submitted as part of our minimum submission requirements. We will not assess the case until this is submitted, along with the other standard requirements. View Shared Ownership minimum submission document » If a Memorandum of Sale is not available please ensure that the new substitute form is completed by the Housing Association. View Memorandum of Sale Substitute Form »
21/07/2012 - Changes to UK Lending Criteria
Changes have been made to the Lending into Retirement, definition of prime and second properties criteria. Click for full details »
13/07/2012 - Borrowing Calculator - Guarantor Cases / Second Properties
Please note that the borrowing calculator should not be used to assess the affordability / borrowing capacity for guarantor applications and second property applications. You will need to submit the case for a Decision in Principle to enable us to consider these types of cases. NOTE - guarantor cases can not be submitted online.
11/07/2012 - Change of Property Address.
Please note if you require a change of property address then this will require the original case to be cancelled and a new case to be submitted online by the intermediary. If appropriate we can transfer documentation previously submitted if you make reference to the original account number in the additional information section.
02/07/2012 - Shared Equity/Ownership changes to age limit
With immediate effect, the maximum age at the end of the term for a Shared Ownership and Shared Equity mortgage will be the earlier of 70 or the borrower's declared retirement age, if sooner.
21/06/2012 - Changes to UK Lending Criteria
In order to adopt a consistent approach to the treatment of other income sources the policy has been updated to state the maximum amount of other allowable income must not exceed 100% of household primary income.
This change is effective immediately. Cases Submitted priors to the 21 June 2012 have 21 days to submit outstanding documents.
31/05/2012 - Certification Of Supporting Documentation
A new form has been introduced to allow you to certify a batch of supporting documentation rather than each individual page. The form is held in Printable Forms and should be fully completed and submitted with each batch of certified documents.
28/05/2012 - Changes to UK Buy to Let Lending Criteria
We have responded to industry changes to the Buy to Let market, and have made the following change to the Society's Buy to Let criteria.
These changes are effective from Monday 28 May 2012 The packaging requirements remain unchanged at 21 days.
16/04/2012 - Important message: Changes to UK Lending Criteria
This change is effective from Monday 16 April. Current applications in the pipeline (which were submitted prior to this change) will be considered under the previous criteria, providing that the supporting documentation is received at Head Office by Friday 4 May 2012.
16/04/2012 - Affordability
We have improved the way that we assess how much applicants can borrow and whether they can afford the loan amount requested. This is now based on an assessment of the client's income and expenditure rather than our previous method of applying income multiples.
To see how much your clients can borrow, please complete our borrowing calculator »
The borrowing calculator will give a broad indication of the amount we are able to lend; the actual loan amounts will be subject to usual underwriting requirements and credit score.
11/04/2012 - Changover to AFFORDABILTY calculation
From MONDAY 16th APRIL 2012, we will be changing the way we assess mortgage applications from Income Multiples, to AFFORDABILTY calculation.
There are just five days to go to the change over, and all applications submitted from next MONDAY 16th APRIL, will be assessed using the information from our borrowing calculator which will be available here on our website.
It's important to remember the following which will help you with your applications;
We're sure you will prefer this method of assessing the size of loan your client can have. You can talk to a member of the sales team if you have any queries about the switch and help will be available here on our website.
29/03/2012 - Changes to Interest Only Criteria Excluding Buy to Let loans
The following change has been made to the Society's interest only criteria.
07/03/2012 - Reminder of minimum packaging requirements for all applications
Minimum packaging requirements for all cases:
Please note we will not start to underwrite the mortgage application until all the above items have been received by the Society.
All documents should be submitted as "one" secure email marked clearly with the application number and duly certified as true copies.
If all the above requirements are not received within 21 days the case will be cancelled.
For further details view our mortgage submission requirements document »
17/02/2012 - Changes to Interest Only Criteria Excluding Buy to Let loans
The following change has been made to the Society's interest only criteria.
26/01/2012 - Important Message - Changes to UK Lending CriteriaThe formal annual review of the Society's lending criteria has now concluded, and a number of changes. In addition, the Lending Guide has been restructured into three niche specific, guides - Vanilla, Shared Ownership and Buy to Let.
21/12/2011 - Important Message - Login IssuesWe are experiencing problems with our Introducer Portal & Secure Email, if you receive a certificate error, please click 'Continue to this website'. Thank you for your patience.
21/12/2011 - Important Message - Changes Buy to Let lending criteria
The following changes have been made to the Society's Buy to Let lending criteria
13/10/2011 - Important Message - Changes to Lending Criteria
The Society has made the following changes to its lending criteria. The changes are with immediate effect.
05/10/2011 - Leeds Launch Market Leading 2-Year Fixed Rate Mortgage at only 1.99%
Leeds Building Society has launched a market leading 2-Year Fixed rate mortgage at only 1.99%. The product is available up to 70% loan-to-value, there is no higher lending charge and fixed fees of only £1,999. View our 2-Year Fixed Rate Mortgage deals »
28/09/2011 - NEW - Leeds Building Society SIPP Deposit range.
For individuals looking for a good return on cash held in a SIPP, Leeds Building Society now offer a range of SIPP Deposits designed to suit your individual Clients' needs. View our SIPP Deposit range »
20/09/2011 - Increase to Maximum Applicant Age
With immediate effect, Leeds Building Society is increasing the maximum age for the applicant at the end of the mortgage term from 65 years to 75 years for standard residential lending.
31/08/2011 - Important Message - Changes to Lending Criteria
The Society has made the following changes to it's lending criteria. The changes are with effect from close of business on 30th August 2011. Any full applications already submitted online will be considered under the previous criteria.
Not available on the Society's standard product range.
IMPORTANT INFORMATION: Applications meeting our criteria for lending in to retirement will only be assessed upon receipt of the fully submitted ONLINE application even if you have received an automatic acceptance through our normal Decision in Principle route). Please ensure the correct lending in retirement product is selected. We will then issue a decision in 24 hours and will not collect any fees until we are happy to proceed.
The interest rate used to calculate the minimal rental coverage percentage, of 130%, is set as the BTL revert rate - currently this is 5.99% (SVR + 0.3%).
Family deposits are now acceptable for Shared Ownership and Shared Equity lending.
A number of minor amendments to the property criteria have also been made, to align the Policy with the Valuers Guidance Notes.
As you will see from these changes, the maximum allowable age of an applicant at the end of the mortgage term is 65 on our standard product range. However, if you have a client who wishes to borrow past this point we are able to consider it under a separate product range.
15/08/2011 - Sales Staff Contact Details
With effect from Monday 15th August, all our intermediaries should now contact the following sales staff to discuss new business.
Scotland & Cumbria = Louise Drummond (07710 998307)
North East & Yorkshire/Humberside = Richard Ashton (07712 645073)
South East & London Keith Chivers = (07973 254844)
Midlands = Bev Ford (07794 536442)
South West & South Wales = Brian Foreman (07767 341099)
North West & North Wales = Alison Barker (07919 272826)
East Anglia & Northern Ireland = Siobhan McMenamin (07710 919260)
See full details of how to contact us »
12/08/2011 - NEW Cash Deposit SIPP coming soon...
We're looking to introduce a Cash Deposit Self-Invested Personal Pension (SIPP) into our product offering through the intermediary channel. We are keen to ensure that we offer a first class service to you and as part of our continuous drive to improve and increase the range of services we offer, we would be grateful if you could kindly take part in our short questionnaire. Plus, let us know what you think before 22 August 2011 and you could win a luxury hamper, just enter your email address at the end of the questionnaire to enter. Take part in our short questionnaire »
18/07/2011 - Paperless Direct Debits
Following recent improvements to our online application process, Leeds Building Society no longer requires a signed Direct Debit mandate to be submitted as part of its standard submission requirements for new online applications. Instead, the details that are input online as part of the application will be imported to our mainframe system on submission of the case. These details will be verified and then used for collection of the mortgage payments when the mortgage completes.
Should you still wish to submit a signed Direct Debit mandate as part of the application, you may of course do so. This document will be saved by us for future reference.
If the applicant's bank details change at any point during the application process then you should arrange for the applicant(s) to complete a new Direct Debit mandate form and forward this to us, so that the details can be altered in time for completion. We will write to the borrowers on completion with confirmation of the Direct Debit details and their payment schedule.
Our Minimum Submission Requirements Document has now been updated;
View the Mortgage Submission Requirements Document »
We hope that this change will make the application process even smoother for all intermediaries, by reducing the documentation you need to collect. If you have any queries regarding the submission process for new applications, please contact your Intermediary Account Manager.
Please note that this change in requirement only applies to applications submitted on-line, through our E-Commerce system. Any paper applications submitted (for guarantor, porting or split product applications, or those with more than 2 applicants) will require a paper direct debit mandate to be submitted.
12/07/2011 - IMPORTANT MESSAGE - Changes to Residential Lending Criteria
Interest Only - Interest only lending will be restricted to a maximum LTV of 75%, where any element of the loan is on an interest only basis. (I.e. any loan where the LTV exceeds 75% the entire loan must be repaid on a capital and interest basis)
Capital Raising - A maximum loan to value of 75% has been introduced for re-mortgage lending with an element of non-property capital raising. Re-mortgage applications and homeowner loans which include a property related capital raising element (e.g., home improvements, purchase of additional land etc.) may be considered up to a maximum of 90% LTV. Re-mortgage applications and homeowner loans which include a non-property related capital raising element (e.g. debt consolidation, holiday etc.) may be considered up to a maximum of 75% LTV.
This change will take effect from close of play 13 July, 2011. We will continue to allow 21 days for brokers to provide all documents to us, following submission of the case on ecom (by 13 July, 2011). Current paper applications in the pipeline will be considered, under the previous criteria, providing that the fully packaged case is received at Head Office by Tuesday 19 July, 2011.
Please refer to section 18 of the Residential Lending Guide for all interest only criteria and section 8 for capital raising criteria.
11/07/2011 - Update to Minimum Documentation Requirements Guide
In order to improve our service and speed up the processing of your application, please see our minimum documentation requirements, which have been updated to include details of items that typically delay a mortgage application progressing to the offer stage.
08/06/2011 - IMPORTANT MESSAGE - Changes to Interest Only Lending
Interest only lending will be considered up to a maximum loan to value of 75%.
This change will take effect from close of business on 8 June, 2011. We will continue to allow 21 days for brokers to provide all documents to us, following submission of the case on ecomm (by 8 June, 2011). Current paper applications in the pipeline will be considered, under the previous criteria, providing that the fully packaged case is received at Head Office by Tuesday 14th June, 2011.
Please refer to section 18 of the Residential Lending Guide for all interest only criteria.
21/04/2011 - New Secure E-mail Service
To further improve our on-line service, we have launched a new facility which allows you to contact us and send documents through our secure e-mail service. Full details and a link to send us a secure e-mail can be found on the 'Contact Us' page. Please use this new facility to obtain application updates and to send us any documents securely. This will help us to process enquiries and case updates as quickly as possible.
Please ensure that secure e-mail is always sent to firstname.lastname@example.org. All e-mails relating to new or ongoing Leeds Building Society mortgage applications must be sent to this address and must always quote the mortgage application/account number in the Subject line.
15/02/2011 - Changes To Log In Page For Intermediaries
04/02/2011 - Product Withdrawals
Please note the 3 and 5 year fixed rate mortgage products will be withdrawn at close of business today (04/02/2011) and the Society will not accept any applications made after this time. Replacement products will be announced shortly.
28/01/2011 - Changes to the UK Residential Lending Criteria
A number of changes to the current policy have been agreed. Find out more »
Note: Applications for additional monies are no longer considered with the initial mortgage application. Right to buy home improvement loan applications will be processed via the Additional Lending Team in line with the Further Advance criteria.
Notes: The above changes will be effective from close of business 28th January, 2011. Applications in the pipeline will be considered under the previous criteria, providing that the fully packaged case is received at Head Office by 4th February, 2011.
11/01/2011 - Reminder for Solicitors - Dematerialisation & Electronic Discharges
The Society has introduced dematerialisation for specific cases (find out more ») and are now using the Electronic Discharge messaging process with the Land Registry.
15/12/2010 - News for Solicitors (re: Mortgage Redemptions)
Improvement to the Society's Discharge process: With immediate effect, for residential registered properties in England/Wales, the Society is now using the Land Registry's Electronic Discharge service (or ED's) for removing charges, which will improve the efficiency of the discharge process. This new development has been implemented in conjunction with the dematerialisation of deeds announced on 1/12/2010.
06/12/2010 - Shared Ownership Criteria
Please click on the link to view our current criteria for Shared Ownership applications. Cases not meeting this criteria will not be accepted. View our current shared ownership criteria (PDF) »
01/12/2010 - Breaking news for Solicitors
The CML is re-launching its Lenders Handbook today and is taking the opportunity to introduce a range of improvements to the service. www.cml.org.uk/cml/publications/newsandviews/79/288
25/11/2010 - Latest Conditions for Buy to Let Mortgages
The current conditions that will be added to all buy to let mortgage offers are available to download. View the Buy to Let conditions for mortgage offer document (PDF) »
16/11/2010 - Breaking News for Solicitors
The Society is introducing dematerialisation for specific cases. Click for further information »
15/11/2010 - Planned Maintenance Work
Due to planned maintenance work, the online application area of our website will be unavailable between 3am and 5pm on Sunday 21st November. We would like to apologise for any inconvenience this may cause.
14/10/2010 - Changes to Guarantor Lending Criteria
Following a review of the Society’s guarantor lending criteria, Management has made a number of changes to the criteria; the key changes are outlined below:
Notes: The changes will be effective from close of play 13th October 2010 and apply to all areas of lending (primary and additional). Current guarantor applications in the pipeline will be considered under the previous criteria, providing that the fully packaged case is received at Head Office by Wednesday 20th October 2010.
13/08/2010 - Important Change to Self-employed Criteria
The income multiplier will be applied to the average of the last 3 years’ net profit figure, or other income provided, only if a steady progression in turnover and profit is reflected.
If 3 years’ accounts are not available due to the length of trading, then the average of 2 years’ net profit figure, plus a satisfactory projection or Accountants Certificate showing this information may be acceptable. In such cases, 100% of the projection will be taken into account, provided the accounts reflect an improving position.
Cases where the LTV does not exceed 80% and only 1 full year’s accounts are available may be considered. The average of the 1 years’ net profit figure after tax, and up to 100% of the projection may acceptable, providing that the accounts reflect an improving position. These cases should be submitted to Head Office for preliminary consideration with full supporting accounts. The LTV in these cases will be limited to 80%.
10/08/2010 - 10 Digit Customer Number
Following the recent security changes you will be asked to input a 10 digit customer number when logging in. However your 7 digit customer number will still allow you to access the system so you should continue to use this number.
16/07/2010 - New Self Build Mortgage Product
Leeds Building Society have launched a new Self Build mortgage, please contact your Intermediary Account manager for full details. Find your nearest Intermediary account manager »
01/06/2010 - Intermediary Panel for Key Relationships
Please note that the Society has formed an Intermediary panel for Key Relationships, and only those on the panel will receive enhanced procuration fees as agreed in writing between the Relationship and the Society. For all other relationships, the Society will pay a standard procuration fee of 0.20%. For further information, please contact Phil Coombes, Head of Intermediary sales
29/04/2010 - Guidance re Self Employed Applicants
For self-employed applicants demonstrating a reduction or fluctuation in net profits over the last 3 years (i.e. anything other than an improving position) an explanation must be provided in the additional information section so that the application can be fully assessed by an underwriter.
22/02/2010 - Changes to the Lending Criteria
The Residential Lending Guide has been updated to provide further clarification in a number of areas. Read more »
The UK Residential Lending Guide has been updated to provide further clarification in the following areas:
04/02/2010 - Changes to the Interest Only Lending Criteria
Some changes have been made to the interest only lending criteria, which is detailed in section 18 of the Residential Lending Guide. Read more »
Where an investment based repayment vehicle is / will be in place (for the full amount of the proposed loan) the maximum loan to value is derived from the product criteria. Applicants are made aware in the offer of advance and on their annual statements to ensure that adequate arrangements are in place to repay the loan amount at the end of the mortgage term and that investment vehicles are not assigned to the Society.
The Society regards the following (non-involvement based) repayment strategies as higher risk, and a maximum loan to value of 75% applies in these cases:
The change to criteria will take effect from Monday 1st February, pipeline cases will be accepted under the old criteria providing the full application is received ;by MLD on Friday 5th February. Details of the change are given in section 18 of the Residential Lending Guide.
This website is for use by FSA authorised intermediaries only. If you are not an FSA authorised intermediary and would like further information about our products or services, please visit www.leedsbuildingsociety.co.uk. If you are an FSA authorised intermediary and you reproduce any of the information on this website to be used with or to advise customers, then you must ensure that it complies with the Financial Services Authority's rules and guidance on financial promotions.
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