Leeds Building Society Launches Mortgage Allowing First-Time Buyers to Borrow More

New 'Income Plus' mortgage offers up to 5.5 times household income, increasing borrowing potential for buyers with lower deposits.

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.