Increased LTV lending on new build by Leeds Building Society
Leeds Building Society is to increase the maximum LTV (loan to value) lending it permits on new build properties.
From 9th November, the Society will lend up to 90% LTV on houses and up to 85% on flats (previously 85% and 80% maximum LTVs, respectively).
“We keep our lending criteria under active review and are pleased to make this change to be able to help more borrowers with their purchases of new build homes,” said Martin Richardson, Leeds Building Society’s Director of Business Development.
“The Society has strong expertise and experience in new build lending, which is a growing market for us, and we continue to work closely with major housebuilders and broker partners to develop mortgages tailored to the needs of new build puchasers.
“These include bespoke versions of our products through the Government’s Help to Buy Equity scheme, and our award-winning Welcome Mortgage.
“The appointment of James O’Reilly earlier this year to focus on our new build proposition was part of the Society’s investment to increase our intermediary team and underwriting capacity to meet growing demand for our products from borrowers and brokers.”
Notes to Editors
The maximum LTV in Northern Ireland remains 85% on all lending.
Awards won by Leeds Building Society in the past 12 months include the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2015, in addition to being named ‘Best Intermediary Lender’, both for the second consecutive year. The Society also received the award for ‘Best Use of Technology (Lenders)’.
Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.