Leeds Building Society has increased the maximum LTV (loan to value) lending it permits on new build properties.

The Society will now lend up to 90% LTV on houses and up to 85% on flats (previously 85% and 80% maximum LTVs, respectively).

This means that borrowers can buy a new home with a deposit of just 10% and a newly built flat with just 15% upfront.

Martin Richardson, Leeds Building Society’s director of business development, explained why criteria have been relaxed:

“We keep our lending criteria under active review and are pleased to make this change to be able to help more borrowers with their purchases of new build homes. The Society has strong expertise and experience in new build lending, which is a growing market for us, and we continue to work closely with major housebuilders and broker partners to develop mortgages tailored to the needs of new build purchasers.”