Overview

• Leeds Building Society's new 'Income Plus' mortgage allows first-time buyers to borrow up to 5.5 times their household income, exceeding the typical 4-4.5 times income limit of many lenders.
• The product is available to households with a minimum income of £40,000 and requires at least a 5% deposit, or 15% for new-build flats.
• Borrowers could access up to £66,000 more than standard mortgages, with rates starting at 4.4% for a 25% deposit and 5.19% for a 5% deposit.
• The mortgage aims to address affordability challenges posed by high house prices and limited affordable housing stock, particularly for first-time buyers.
• The launch comes as buyers face upcoming stamp duty changes in April 2025, which will lower the threshold for first-time buyer relief in England and Northern Ireland.