Leeds Building Society is a responsible lender. We want to make sure that you can comfortably afford the repayments on any amount we may lend you. This amount will depend on your income and your present financial commitments such as loans, credit card debts and other regular expenses. A detailed assessment of whether the Society is able to make an offer of a loan for the amount you require will be made once a full application is submitted.
The most important element in deciding how much we’ll lend you is your income. If you’re buying your home with someone else, then we’ll consider both of your incomes.
Naturally, we’ll consider long-term bonuses, overtime and commission provided all payments are guaranteed and part of your regular disposable income. We will also consider regular overtime, bonus and commission but will only include half of the value in our calculations.
To work out how much you could be able to borrow, simply use our handy borrowing calculator »
Before we make you a mortgage offer, we’ll need to take into account the value of any property you’re looking to buy or remortgage. This may include arranging for a valuation to be carried out. This is solely for our purposes and should not be taken as a guarantee of the property’s value, nor that the property is in good condition throughout. With this in mind, we recommend that you arrange for a professional surveyor or valuer to inspect the property on your behalf. Peace of mind is priceless - and we want your new home to be a source of pleasure to you.
It’s important that you bear in mind your loan may not cover the total value or purchase price of your property. This means that if you’re moving to a new home, rather than remortgaging, you may need to use some money of your own as a deposit. The Loan to Value (LTV) percentage refers to how much the loan will cover of the value or purchase price of your property - whichever is lower.
It’s worth considering what the effect of any future interest rate rises might have on your finances. Even if you choose a fixed or capped rate mortgage, the interest rate will normally revert to our Standard Variable Rate at the end of the Benefit Period (this term is defined in the "Jargon Buster" section of this guide). Your Mortgage Advisor will be able to help you with budget planning – but it’s important that you think carefully about what you can really afford.
The products and services on this site are available to UK residents only. Applicants must be aged 18 or over and a full appraisal of your financial commitments will be made. Mortgages are subject to eligibility, status and financial standing. Mortgages that are for Buy to Let properties are regulated by the Consumer Credit Act 1974 and not by the Financial Services Authority.
Leeds Building Society is covered by the Financial Ombudsman Service. We may monitor and/or record your telephone conversations with the Society to ensure consistent service levels (including staff training).
The Society's main business is the provision of savings products, mortgages and general insurance.
Leeds Building Society is authorised and regulated by the Financial Services Authority and our registration number is 164992. You can check this on the FSA Register by visiting the FSA website at www.fsa.gov.uk or by contacting the FSA on 0845 606 1234. Mortgages which are for Buy to Let properties are regulated under the Consumer Credit Act 1974 and not by the Financial Services Authority.
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