When it comes to first time buyers, Leeds Building Society don’t see a problem, they see an opportunity to help.
They’re tackling the challenges facing first time buyers so you can help make your clients’ home ownership dreams come true. They have continued to improve their criteria, innovate their product range and focus on the tools, service and support provided to you.
Improved affordability for first time buyers
One of the most prevalent barriers facing first time buyers is affordability. But following recent improvements to Leeds Building Society’s criteria, first time buyer households earning £30,000 or more could now borrow up to 5.5 times their income, with one of their Income Plus mortgages.
This means your clients:
- May be eligible to borrow £165,000 with an Income Plus mortgage, at 95% LTV, compared to £134,700 previously1 (subject to standard affordability and eligibility criteria)
- Have the potential to buy a home costing £173,000 with a 5% deposit, up from £141,000 previously.1
Leeds Building Society have one of the lowest income requirements, helping more first time buyers solve potential affordability challenges. Based on their recent analysis, this innovative change in affordability criteria means that more than 51,0002 extra homes could have been within reach for first time buyers in the last year, an uplift of 65% compared to the previous equivalent maximum loan with them.
First time buyer-friendly mortgages
They offer an enhanced, but responsible, affordability model. Their dedicated first time buyer range, featuring Income Plus, is designed to help your clients do more with their budget, offering:
- Up to 95% LTV (85% on new build flats)
- Up to 5.5x LTI* on a minimum £30,000 household income
- 2, 3 or 5 year product options**
- Self-employed applicants welcome
Initiatives that break down barriers
If credit scores are your clients main concern, Leeds Building Society have a number of solutions to help support them onto the housing ladder. Their Reach Mortgages are creating options for buyers whose credit scores mean they don’t qualify for one of their standard mortgage products. They have also partnered with Experian Boost, an initiative which allows borrowers to potentially boost their credit scores. When using Experian Boost it takes into account your clients’ day-to-day payments in order to boost their credit score, such as:
– Monthly Council Tax bills.
– Digital entertainment payments, i.e., Spotify and Netflix subscriptions.
Applying is simple
Supported by MSO, their Mortgage Hub platform means the process of applying for a Leeds Building Society mortgage is simple. And they’ve got dedicated tools, support and contact options if you’re facing a challenge.
Their business development managers are available in the field or by phone, email or chat. What’s more, with Leeds Building Society you’ll chat online with a real person, not a robot.
Plus, their affordability calculator means you can give your first time buyer clients a realistic view of what they can afford.
They’ve also improved our dedicated support content, such as their Broker First Time Buyer Guide to help you support your first time buyer clients achieve home ownership.
With 150 years of experience, Leeds Building Society are at your side to help support you at every turn.
*Up to 5.5X LTI only available with Income Plus Mortgages, standard first time buyer mortgages are available up to 5X LTI.
**Income Plus mortgages are only available on 5 year options.
1 Based on someone earning £30,000 salary borrowing 95% LTV at a x5.5 loan-to-income ratio within the Income Plus range compared to the previous maximum loan to income level of x4.49. Income Plus mortgages are only available for first time buyers.
2 Based on Land Registry data from 1st July 2024 and 31st June 2025, comparing properties priced below £141,000 (using previous maximum loan), and between £141,001 and 173,000 (using the new maximum loan). Land Registry data captures house sales in England and Wales only.
3Mortgages within this range are aimed at clients that meet the standard minimum credit score threshold. Those with lower credit scores may be considered for one of Leeds Building Society’s Reach mortgages instead of an Income Plus mortgage.
Please note:
Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.
