Leeds Building Society mortgage assessment changed.
Leeds Building Society mortgage lending has recently been adapted. The lender has announced that it is to abandon income multiples when assessing how much it is prepared to advance to mortgage borrowers.
Leeds Building Society mortgage applications will now only be accepted using its own affordability calculator.
The lender advises that it will now consider in it's calculation an applicant's financial commitments, income and average house-hold expenditure when reviewing the maximum loan it is prepared to advance.
The mortgage lending assessment change applies solely to residential property purchases. Buy to let mortgage applications are not included in the lender's announced changes, applications for investment property will still be reviewed on potential rental income.
December's MMR consultation paper included a FSA proposal for lenders to ensure that they take into consideration an applicant's loan commitments and living costs when assessing affordability. The Leeds Building Society however advise that its decision to abandon income multiples has not been influenced by the FSA affordability proposal.
If you are looking to review Leeds Building Society mortgage rates or are interested in comparing UK lenders most competitive deals on offer contact Deal Direct. We will search the market on your behalf to come up with the most competitive and affordable mortgage deal currently available.
