Leeds Building Society have announced a broker update, available below. The Leeds Building Society products are available through our direct to lender mortgage club so contact us to see how we help brokers like you across the UK.
View the latest products here or visit the Leeds Building Society website.
Announcement:
Mortgage Product Updates
We’re making some changes to our new lending mortgage range. These changes affect new mortgage applications only.
Key Product Updates
- Selected Residential and Reach products withdrawn
- Replacement products will be communicated on Thursday 5 December
Products will be withdrawn from the system at midnight on Wednesday 4 December 2024 – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date
Our latest mortgage product update
We’re making some changes to our new lending mortgage range. These changes affect new mortgage applications only.
Key Product Updates
New Income Plus mortgages introduced with an LTI of up to 5.5x.
New First Time Buyer products introduced.
New Homemover & Remortgage products introduced.
Selected fixed rates increased or reduced
Introducing our First Time Buyer range, featuring Income Plus
We have a proven track record of putting home ownership within reach of more people, helping 17,700 first time buyers onto the property ladder in 2023 – more than half of our new mortgages that year.
Now we’re going one step further with our new First Time Buyer range, featuring Income Plus, specifically designed to help you get your clients onto the property ladder, with lending up to 95% LTV.
Income Plus products align with our enhanced, but responsible, affordability model that features several improved elements. With an LTI of 5.5 your clients with a minimum of £40,000 household income may be able to borrow £66k more1 on average without the need to save a larger deposit.
It’s another way we can help you say ‘yes’ to more first time buyers.
The Income Plus mortgage products are fixed for at least five years and offer a free standard valuation up to £999.
With decades of experience, we’re at your side to help you support your first time buyer clients:
- Improving how you do business with us with our new affordability calculator for First Time Buyers
- Giving you the tools and knowledge to be confident with your cases, including our First Time Buyer Broker Guide (PDF 167KB)
- Offering EPC A/B affordability stretch to benefit your first time buyer clients looking to purchase a new build home – this can be applied to Income Plus products and our new first time buyer range!
- Having regional and head office Business Development Managers, dedicated telephone contact numbers for new or existing applications and live web chat
Mortgages within this range are aimed at clients that meet the standard minimum credit score threshold. Those with lower credit scores may be considered for one of our Reach mortgages instead of an Income Plus mortgage.
We’ll continue pushing forward to help your clients overcome the barriers to home ownership and improve the ways we do business so you can support more first time buyers onto the ladder.