About Leeds Building Society
Founded in 1875, Leeds Building Society is a mutual that offers a range of products to help its customers save, buy their own home or remortgage. According to data released by UK Finance in 2023, they are the 12th biggest mortgage provider in the United Kingdom, with a market share of 1.3% and outstanding mortgage balances of 20.4 billion.
What kind of mortgages do they offer?
Leeds Building Society offers a range of residential mortgages, including fixed-rate, tracker, discounted rate and other types of variable rate deals. They also offer buy-to-let mortgages for various property types, from holiday lets to houses of multiple occupancy (HMOs).
Their mortgage range includes specific products for:
- Remortgaging
- First-time buyers
- Existing customers
- Right to Buy, Shared Ownership and First Homes scheme customers
Leeds Building Society’s lending criteria
The exact eligibility requirements you will need to meet will vary depending on the type of mortgage you are applying for, but you can find their general criteria below:
- Deposit requirements: The minimum amount of deposit Leeds Building Society will accept is 5-10% of the property’s value, under most circumstances.
- Credit history: Can lend to borrowers with some forms of bad credit, such as county court judgements (CCJs) and repossessions, on a case-by-case basis.
- Age: The maximum age you can be at application is 85, or 85 at the end of the term. Stricter age caps apply for Shared Ownership and interest-only mortgages.
- Self-employed borrowers: Will need at least two years’ accounts and affordability will be based on average earnings over that period.
How much will they let you borrow?
Leeds Building Society will cap your maximum borrowing at 4.5 times salary if you are a first-time buyer or the LTV exceeds 85%. They will use the higher salary multiple of 4.75 times annual income for homemovers and remortgages where the LTV is less than 85%.
The maximum mortgage they can offer is up to £2 million.
What interest rates are available?
Leeds Building Society’s standard variable rate (SVR) is currently 8.24%. The rates on their mortgages are competative with other lenders on the high street but can vary depending on your loanto-value (LTV) ratio, the type of product you choose and the overall strength of your application.
You can compare Leeds Building Society latest mortgage rates with their competitors for free on Teito. Select the 'Choose your own mortgage' option below to get started with this, or hit the button beside it if you would prefer to kick things off by speaking to one of our advisors:
