The Society has reviewed a number of its lending criteria, in response to feedback from customers, mortgage brokers and developers, and has made a number of changes.
It has increased maximum loan size from £750,000 to £1 million on residential home loans up to 75% LTV, and from £250,000 to £500,000 on holiday let mortgages. It has also improved the required rental cover on holiday let mortgages from 130% to 125%. Finally, it has increased the maximum LTV on new build houses from 80% to 85%.
Martin Richardson, Leeds Building Society’s General Manager – Business Development, said:
“We keep our mortgage lending criteria under review and are pleased to have been able to make these improvements, which will help more borrowers.”
