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Leeds BS restarts 90 per cent LTV lending; Darlington BS launches adverse credit range – round-up

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  • 12/01/2021
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Leeds BS restarts 90 per cent LTV lending; Darlington BS launches adverse credit range – round-up
Leeds Building Society has re-entered the high loan to value (LTV) market with the launch of two 90 per cent LTV mortgages.

 

The products include a two-year fixed with a rate of 3.44 per cent and a five-year fixed at 3.5 per cent, available for purchase and remortgage purposes. 

Both have a fee of £999 and free valuations while standard remortgages include fee-assisted legal services. 

Matt Bartle, Leeds Building Society’s director of products, said the mutual was pleased to support borrowers in the affordable housing space following a busy second half of 2020 for purchase applications.  

He said the demand following the reopening of the property market resulted in the society’s busiest periods ever, before reaching a peak in December. 

Bartle (pictured) said: “While we’re currently experiencing another lockdown as 2021 has begun, this time around there should be much less impact on the functioning of the housing market as estate and letting agents, and removal companies, can continue to operate. 

“These differences to last March’s lockdown – and the strong recovery of the housing market in the latter half of 2020 – gives us grounds for optimism, even though overall economic conditions clearly remain uncertain. 

“We keep our products, rates and lending criteria under constant review to ensure we can continue to support customers who are not well-served by the wider market, informed by insight such as the feedback we seek and receive from our intermediary partners, Bartle added. 

 

Darlington BS launches range for adverse credit borrowers 

Darlington Building Society has launched a range of mortgages targeting borrowers with current or past credit issues. 

The three ‘Adaptable Solutions’ products include the Level 1 mortgage, which is a non-standard two-year fixed discount product at 80 per cent LTV with a rate of 3.69 per cent. This is for those with minor credit issues and is available for loan sizes up to £750,000. 

The Level 2 credit repair mortgage is a three-year fixed discount product available up to 70 per cent LTV with a rate of 4.09 per cent. The maximum loan size is £500,000 and it is catered to those who need additional credit support. 

The Level 3 extra support offering is a five-year fixed at 4.49 per cent, available up to 65 per cent LTV. This is available to those with recent or more complicated credit issues who require loans of up to £300,000. 

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