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.
Extended support for furlough income for cases submitted from Thursday 5th November
We’ll accept applications with furlough income up to, and including, 80% LTV.
Furlough income will be capped at 80% and £2,500 per month. The sustainability of this income will be assessed by an underwriter on a case by case basis and will depend on your customer’s individual circumstances.
- You must input furlough income (which has been capped at 80%) into Mortgage Hub to receive a correct DIP.
- The future changes button must be marked as “yes” and the word “furlough” should be added into the changes list.
- Pipeline cases will be honoured subject to no material changes to the case. Please advise us if your customer’s circumstances change.
Changes to self-employed criteria
- Income must be sustainable with evidence of current trading through 3 months business bank statements – document request will be automated through the Mortgage Hub journey.
Cases with 3 or 4 applicants
- Please use Mortgage Hub to progress all applications as paper DIPs and applications will no longer be accepted.
Our new online platform is now live, so if you haven’t done so already, please click here to reset your password and start using our Mortgage Hub for submitting new business.