Article created: December 2024

How we’ve supported you and your clients in 2024

In 2024 our commitment to you and your clients has been stronger than ever. We’ve improved our service offering and introduced even more products and propositions to help make your clients’ home ownership dreams a reality. Read on for a reminder of what we’ve been up to.

Launching the Reach Mortgage range

In January we launched our Reach Mortgage range. This range offers eligible clients a more accessible range of mortgages if their credit score means they don’t qualify for one of our standard mortgage products. By providing these products, we’re helping address a potential barrier to home ownership.

Explore our Reach mortgage range

Introducing our First Time Buyer Range, featuring Income Plus

Continuing with our dedication to helping you get your first time buyers onto the ladder, we only recently launched our First Time Buyer mortgage range, which includes our high Loan to Value (LTV) and high Loan to Income (LTI) product, Income Plus. Income Plus broadens affordability potential for your clients, lending on average £66k more* up to 95% LTV. Giving you more ways to say ‘yes’ to those with home ownership ambitions.

Find out more about our First Time Buyer Mortgages

Taking Limited Company Buy to Let to the next level!

In 2024, we took Limited Company Buy to Let to the next level, making submitting cases quicker and easier than ever before. Through these improvements we’ve helped hundreds of you support landlords in managing buy to let portfolios through a limited company.

Take a look at Next Level Limited Company Buy to Let

Service and support that works for you

Throughout the year, our national and head office Business Development Manager teams (BDMs) have been here for you whenever you’ve needed them.

Not to mention we’ve added some new faces to the team!

Adam Golebiewski covering LL, CW, CH, SK, ST, DE, TF, WA
Sean Boyle covering AB, DD, KY, EH, G, FK

Find out how to get in touch with your BDM

Leading the way in holiday let lending restrictions

Back in March we began an innovative trial, when we stopped new holiday let lending in North Norfolk and areas of North Yorkshire. We considered the balance of local housing needs with the economic benefits tourism can provide. In the areas identified in North Norfolk and North Yorkshire, a growth in holiday lets has led to a reduction in available homes to buy. Our 12-month trial helps address this issue, which aims to give more opportunity to those looking to purchase their first home.

Why we trialled ending holiday let lending

Increased LTVs to give greater flexibility to borrowers

A significant barrier to home ownership is building up the deposit required to buy a home. We looked to reduce the effect of this barrier by raising Loan to Value (LTV) on new build and standard mortgages. Introducing the following new LTV bands:

New build

New cases for standard residential new build houses for Max LTV increased from 90% to 95%
New cases for standard residential new build flats Max LTV increased from 80% to 85%

Standard

New cases for standard residential non-new build flats Max LTV increased from 80% to 95%

Multiple Best Shared Ownership Lender awards!

For the ninth year running, we were crowned What Mortgage’s Best Shared Ownership Lender! Then shortly after we were delighted to also win Your Mortgage’s Best Shared Ownership Lender for the second year in a row. Shared Ownership is a scheme we believe in for potential homeowners looking to get on the ladder, and these awards show how we’re going that extra mile for you and your clients.

We streamlined and simplified rate switch

It’s important to us that the way you do business is as simple and straightforward as possible. This is why this year we improved our rate switch (formerly known as product transfer) service. By moving rate switches to Mortgage Hub, we made it easier for you and your clients with features such as a paperless journey, simplified ID, and more accurate valuations.

Take a closer look at rate switch

Thousands of first time buyers found a place to call home

This year, we helped thousands of first time buyers onto the housing ladder. And you were key to helping this happen. It’s the most difficult time in decades to become a homeowner, but that hasn’t stopped us pushing towards the purpose we believe in.

Check out our broker First Time Buyer guide

Building brighter tomorrows with Barnardo’s

We announced our new charity partner, Barnardo’s. They support young people in navigating life after leaving the care system, including finding somewhere to live. We’re aiming to raise at least £300,000 for Barnardo’s over the next three years, because we believe everyone deserves a safe and secure place to call home.

Looking forward to 2025

“We’re proud of the work we’ve done in 2024, but know we need to remain committed to supporting brokers and how they do business. We will also continue to bang the drum for first time buyers, helping you help them on to the ladder by innovating our product range and providing a high level of service and support.” Martese Carton, Director of Mortgage Distribution.

*Calculations based on assessment of Leeds Building Society applications between March 2024 and August 2024 which meet Income Plus criteria. The £66,000 figure is the average increase in maximum loan size when comparing Income Plus with standard residential products.