Leeds Building Society alters borrower affordability assessments
Leeds Building Society is making changes to how it assesses borrowers’ affordability, reducing stress testing rates by up to 1.24% - the improved affordability calculator can be found on its intermediary website.
"Stress testing requirements have unduly held some borrowers back from achieving their home ownership aspirations, so we’re pleased to be able to lend up to £34k more to our customers because of these changes in affordability assessments."
- Andy Moody, chief commercial officer at Leeds Building Society
Leeds Building Society has announced changes from tomorrow (27/06) that will benefit borrowers buying their first house, moving up the property ladder, or remortgaging their existing home.
Typical applicants will be able to borrow between £9-34k more than previously available.
This news follows the recent launch of its ‘Income Plus’ mortgage range, which allows first-time buyers with a minimum household income of £40k to borrow up to 5.5x their earnings.
“We welcome the recent clarification on lending rules by the Financial Conduct Authority (FCA), which will allow us to support more people onto and up the property ladder and support the government’s plan for growth.
“Stress testing requirements have unduly held some borrowers back from achieving their home ownership aspirations, so we’re pleased to be able to lend up to £34k more to our customers because of these changes in affordability assessments,” said Andy Moody, chief commercial officer at Leeds Building Society.
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