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:
Compare Leeds Building Society's latest mortgage rates with their competitors today
Buy-to-let mortgage criteria
The criteria to get a buy-to-let mortgage from Leeds Building Society is as follows:
- Rental income: Basic rate taxpayers will need an interest cover ratio of 125%, higher rate taxpayers 145%, and additional rate 150%. They also use a standard stress test of 7%, although this percentage can vary depending on LTV.
- Deposit requirements: You will need at least 20% deposit to get approved, with some property types such as holiday lets needing at least 25%.
- Portfolio size: Portfolio landlords will only be approved by Leeds Building Society if they have no more than 10 buy-to-let properties on their books.
- Credit history: Will accept some types of bad credit, such as debt management plans, with conditions; but serious issues including recent debt relief orders or bankruptcies may trigger a rejection unless they were discharged over six years ago.
- Age: Leeds Building Society has no upper age limit for buy-to-let mortgage applicants either at application or at the end of the mortgage term.
You can compare buy-to-let mortgage rates and deals from Leeds Building Society with their competitors from across the market for free on Teito.
What kind of reviews has Leeds Building Society had?
Leeds Building Society has generally positive reviews from its mortgage customers, with a current average rating of 4.4/5 on TrustPilot and 3.6/5 on Smart Money People.
Pros and cons
The table below shows some of the advantages and disadvantages of Leeds Building Society as a mortgage lender at a glance, to give you an idea about whether they are the right choice for you:
Advantages | Disadvantages |
Low deposit mortgages available | Uses a smaller income multiple than some mainstream lenders |
Can be flexible with some types of adverse credit | Limited options for self-employed borrowers with less than 2 years’ accounts |
Supports a wide range of governments schemes | Limited options for contract workers |
Positive reviews from existing customers | Limited options for borrowers who rely on family support, such as guarantors |
Compare mortgages from Leeds Building Society today
Teito’s free service allows you to compare mortgage deals from Leeds Building Society with their competitors from across the market in real time, and choose the one you want.
We also have brokers on hand to provide professional advice, help you choose the right mortgage, and ensure your application goes smoothly - get started here.
FAQs
It can be easy to get a mortgage with Leeds Building Society, depending on your circumstances. The lender will take into account factors such as your income, employment status and credit history when making a decision on your application.