Leeds Building Society has increased maximum loan sizes for higher loan-to-value (LTV) residential mortgages to support more borrowers as property prices continue to rise.
From 20 April, the maximum loan size at 95% LTV will increase from £400,000 to £500,000, from £500,000 to £600,000 for 90% LTV, and from £750,000 to £1m for 85% LTV.
These new maximum loan sizes apply to standard and Shared Ownership (borrower share) residential mortgages.
Jonathan Thompson, senior mortgage manager at Leeds Building Society, said: “We’re always looking for ways we can support more borrowers, whether that’s through product innovation or responsiveness to market changes and customer and broker feedback.
“Rises in property prices affect all homebuyers but we’re mindful that first time buyers and others with smaller deposits face a particular challenge to buy in some areas, such as London and the South East.”
He concluded: “We’ve responded by increasing our maximum loan sizes, as well as expanding our choice of higher LTV mortgages, while continuing to lend responsibly and sustainably to help to deliver on our purpose to put home ownership within reach of more people.”
