Leeds Building Society is set to increase its maximum loan-to-value (LTV) ratios to support more people onto and up the property ladder.
Applicable to new-build and standard, second-hand properties, the changes mean that applicants will need a smaller deposit than previously required to secure a mortgage with Leeds Building Society.
New cases for standard residential new houses will see the maximum LTV increase from 90% to 95%, while new cases for standard residential new build flats will see an increase from 80% to 85%.
For standard properties, new cases for standard residential non new-build flats will see the maximum LTV increase from 80% to 95%.
Martese Carton, director of mortgage distribution at Leeds Building Society, said: “Building up a deposit is one of the biggest barriers to home ownership so the changes we have implemented today will offer greater flexibility for our borrowers and will come as good news for many aspirational homeowners as the cost of living continues to bite.
“This is yet another example of the society backing its words with actions in support of first-time buyers, building on actions we’ve taken such as withdrawing from lending on second residential homes, our pilot of restricting lending on holiday lets and integration with the Experian Boost enhanced credit check system, and the changes we’ve made today will increase our ability to achieve that goal.”
