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Leeds increases max LTV on new-builds

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Leeds Building Society has increased its maximum LTV on new-build properties.

From today, the society will lend up to 90 per cent on houses and 85 per cent on flats, up from 85 per cent and 80 per cent respectively.

Leeds director of business development Martin Richardson says: “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.

“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.”

The maximum LTV in Northern Ireland remains 85 per cent LTV for all lending.

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