Move aims to support borrowers amid rising property prices
Leeds Building Society has increased maximum loan sizes for its higher loan-to-value (LTV) residential mortgage products to support more borrowers amid rising property prices.
From Thursday, April 20, the lender’s maximum loan size increased from £400,000 to £500,000 for 95% LTVs, from £500,000 to £600,000 for 90% LTVs, and from £750,000 to £1 million for 85% LTVs.
These new maximum loan sizes apply to standard and Shared Ownership (borrower share) residential mortgages.
The mutual launched new high LTV five-year fixes in late February.
“We’re always looking for ways we can support more borrowers, whether that’s through product innovation or responsiveness to market changes and customer and broker feedback,” Jonathan Thompson (pictured), senior mortgage manager at Leeds Building Society, said.
“Rises in property prices affect all homebuyers, but we’re mindful that first-time buyers and others with smaller deposits face a particular challenge to buy in some areas, such as London and the South East.
“We’ve responded by increasing our maximum loan sizes, as well as expanding our choice of higher LTV mortgages, while continuing to lend responsibly and sustainably to help to deliver on our purpose to put home ownership within reach of more people.”
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