Leeds BS loosens mortgage criteria
The mutual has made several changes including increasing the maximum loan size of residential properties from £750,000 to £1m. This applies up to 75% loan-to-value.
On new build properties the maximum LTV allowed has been increased from 80% to 85% while the maximum loan size on holiday lets has been doubled to £500,000.
There has also been a reduction in the required rental cover on holiday let mortgages, reducing from 130% to 125%.
Leeds BS said the changes had been made following feedback from customers.
“We keep our mortgage lending criteria under review and are pleased to have been able to make these improvements, which will help more borrowers,” said Martin Richardson, Leeds Building Society’s general manager.
This move follows further changes in January which saw the validity of mortgage offers extended from three to six months.