Leeds welcomes higher loans

For residential properties maximum loans have been increased from £750,000 to £1m up to 75% loan to value.

The building society says it has altered its products due to feedback from customers, mortgage brokers and developers.

Martin Richardson, Leeds 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.

“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.”

Other changes include an increased maximum loan to value on new build houses from 80% to 85% and an Increased maximum loan size on holiday let mortgages from £250,000 to £500,000.