Leeds Building Society amends mortgage criteria to help borrowers
Leeds Building Society has changed mortgage criteria, including maximum loan size, to help more borrowers.
The Society has reviewed a number of its lending criteria, in response to feedback from customers, mortgage brokers and developers, and has made the following changes:
- Increased maximum loan size from £750,000 to £1 million on residential home loans up to 75% LTV
- Increased the maximum LTV on new build houses from 80% to 85%
- Increased maximum loan size on holiday let mortgages from £250,000 to £500,000
- Improvement in required rental cover on Holiday Let mortgages, reducing from 130% to 125%
“We keep our mortgage lending criteria under review and are pleased to have been able to make these improvements, which will help more borrowers,” said Martin Richardson, Leeds Building Society’s General Manager Business Development.
The latest criteria changes follow an extension to the validity of mortgage offers from Leeds Building Society from three months to six months, which was introduced on 20 January and applies to existing as well as new mortgage offers.
Notes to Editors
To discuss a new case with one of our mortgage development team, mortgage introducers should go to www.leedsintroducer.co.uk to find details of their nearest Business Developer contact.
Leeds Building Society has assets of £10.8bn (as at 30 June 2013) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.