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Leeds Building Society loosens interest-only policy

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  • 12/09/2016
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Leeds Building Society loosens interest-only policy
Leeds Building Society has increased the maximum loan-to-value (LTV) on all interest-only mortgages from 50% to 60% LTV.

The mutual has also refreshed its requirements for minimum equity, now taking into account regional variations in property values for borrowers intending to use sale of the property as a repayment strategy.

Changes to loan-to-values also cover the society’s part and part mortgages, allowing customers to borrow 60% LTV on interest only and the remainder on a capital and repayment basis.

There are no minimum income requirements on Leeds’ interest-only loans.

Leeds Building Society’s chief commercial officer Richard Fearon, said: “The changes we’ve made are intended to help more borrowers who are not well-served by the wider market as we respond to borrowers’ and intermediaries’ feedback innovatively and responsibly.

“Refining and improving our interest-only lending criteria is a way we can do this, to achieve our purpose to help more people to have the home they want.”

Further developments at the mutual include the appointment of Killian Holland as head of digital experience. Holland’s role will involve creating digital experiences and services that are “relevant, engaging and simple to use” for its members.

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