Leek Building Society has expanded its lending criteria. The society has doubled its maximum storey limit for flats, alongside introducing enhanced income flexibility for qualifying applicants.
The headline change sees the lender increase its maximum acceptable height for new build flats from six to 12 storeys up to 95% LTV. This move is specifically designed to unlock more opportunities for shared ownership and residential purchases in high-density areas such as Manchester, Birmingham, and London. To further support urban lending, underground floors used for car parking will no longer be counted toward the storey total.
Core criteria updates include : 12-Storey Limit up to 95% LTV: Maximum height for new build flats doubled to 12 storeys (excluding underground parking; safety standards: buildings between 7–12 storeys must be completed after 1 January 2020 to ensure post-Grenfell safety compliance; Enhanced LTI :the society offers up to 6x LTI for qualifying applicants to support greater borrowing power: and Property Quality: minimum internal floor area of 30 square metres; EWS certificates (A1, A2, B1) required where applicable.
Leek Building Society, head of Intermediaries Nikki Warren-Dean commented: “Our primary focus is helping brokers navigate the modern property landscape. By doubling our storey limit to 12, we are opening doors for clients in the UK’s most vibrant city centres.
When combined with our 6x LTI capability, it creates a powerful combination for buyers who need both property flexibility and strong affordability.”
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