The Leeds Building Society has made changes to its mortgage criteria, including maximum loan size.
The mutual has reviewed a number of its lending criteria, in response to feedback from customers, mortgage brokers and developers.
The changes are as follows:
- Increased maximum loan size from £750,000 to £1 million on residential home loans up to 75% LTV
- Increased the maximum LTV on new build houses from 80% to 85%
- Increased maximum loan size on holiday let mortgages from £250,000 to £500,000
- Improvement in required rental cover on Holiday Let mortgages, reducing from 130% to 125%
“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 for business development.
The latest criteria changes follow an extension to the validity of mortgage offers from Leeds Building Society from three months to six months, which was introduced on 20 January and applies to existing as well as new mortgage offers.