The criteria change see its maximum LTV increased from 85% for houses, and 80% for flats with immediate effect.
Martin Richardson, Leeds Building Society director of business development, said: “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.”
Richardson added that new build was a “growing market” for the lender and would continue to work closely with housebuilders and broker partners to develop products for this area.
Earlier this year James O’Reilly joined Leeds from Legal & General as the lender’s corporate account manager to specialise in the new-build sector.
Richardson said: “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.”
