The Leeds Building Society has increased the maximum loan to value (LTV) lending it allows on new build properties.
The mutual will now lend up to 90% LTV on houses and up to 85% on flats (previously 85% and 80% maximum LTVs, respectively).
The maximum LTV in Northern Ireland remains 85% on all lending.
“We keep our lending criteria under active review and are pleased to make this change to be able to help more borrowers with their purchases of new build homes,” said Martin Richardson (pictured), Leeds Building Society’s director of business development.
“The Society has strong expertise and experience in new build lending, which is a growing market for us, and we continue to work closely with major housebuilders and broker partners to develop mortgages tailored to the needs of new build puchasers.
“These include bespoke versions of our products through the Government’s Help to Buy Equity scheme, and our award-winning Welcome Mortgage.
“The appointment of James O’Reilly earlier this year to focus on our new build proposition was part of the Society’s investment to increase our intermediary team and underwriting capacity to meet growing demand for our products from borrowers and brokers.”
