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.
Our latest mortgage product withdrawal update
We’re making a change to our Residential mortgage range by withdrawing a product today, Tuesday 23rd March. Any new applications on this product must be submitted by 5pm today. We’d like to apologise for any inconvenience caused by the short notice.
- Withdrawal of our 5 Year 60% LTV product at 1.34%.
Our latest mortgage products update – Important changes to our BTL ICR
Supporting your landlord customers by changing our approach to required rental income.
It’s important to us that we continue to support you and your landlord customers. That’s why we’ve improved the way we assess affordability of our Buy to Let mortgages by taking your customer’s individual circumstances into consideration.
Previously, we had one ICR for all Buy to Let applications. Some of your customers may have found it a stretch to cover this with their rental income.
From today, Tuesday 23 March, we’ll apply the following for Buy to Let and Portfolio Buy to Let mortgages:
- 125% ICR for basic rate taxpayers
- 145% ICR for higher rate taxpayers
- 150% ICR for additional rate taxpayers
So, our Buy to Let mortgages are now tailored to each customer’s tax situation and even more accessible to those who are basic rate taxpayers.
Our latest mortgage products update
We’re making some changes to our Residential mortgage range tomorrow, Friday 26th March. These changes affect new mortgage applications only.
- End dates on 5 Year Fixed Rates extended until July.
- Selected 5 Year Fixed Rates increased.
- Selected 2 Year Fixed Rates reduced.
Any applications on withdrawn products must be submitted by close of business today, Thursday 25th March – see our latest updates for details.