Leek United has increased its mortgage lending limit from 85% LTV and above.
The change sees a £100,000 increase from £300,000 to £400,000 on the society’s 95% loan to value (LTV) mortgages, with immediate effect.
Current Leek United mortgages 1111 and 1127 – both 95% LTV products – now benefit from a revised loan limit of £400,000.
Clare Beardmore, the society’s head of mortgage sales, said: “This is terrific news for homebuyers. It follows the recent doubling of Leek United’s offer period to six months, and now gives us even greater scope and flexibility in our lending.”
The Society’s revised lending limits are now as follows:
- Up to £400,000 – 95% LTV
- £400,001 to £500,000 – 80% LTV
- £500,001+ – 75% LTV
Other mortgages in the Society’s portfolio are also affected by the lending limit increase. 90% LTV products – all of which have a maximum loan amount of £1.5m – had a maximum 90% LTV limit of £300,000. This, too, has now been increased to £400,000.