Helping brokers support first time buyers: Leeds Building Society has launched 98% LTV Start Mortgage

Ready to be there from the start? Leeds Building Society has launched a new Start Mortgage range for first time buyers, offering up to 98% loan-to-value (LTV) to help brokers support clients facing one of the biggest barriers to home ownership: saving a deposit.

The product is designed for borrowers who may be able to afford monthly mortgage repayments but are struggling to build a larger deposit while meeting rent and other living costs. It allows eligible applicants to borrow up to five times household income, with a minimum deposit of £5,000 and a maximum loan size of £500,000.

The launch comes as affordability and deposit pressures continue to shape the first time buyer market. Brokers are increasingly being asked to find options for clients with stable income and a good repayment track record, but limited savings after years of renting. Our new range gives intermediaries another way to help those clients take their first step onto the property ladder.

Start Mortgage combines high-LTV lending with straightforward criteria. The range is available on five-year products, accepts gifted deposits, and is open to self-employed applicants who meet the Society’s usual lending and affordability requirements.

Start - supporting broker conversations
A single or joint applicant with a household income of £49,000 and a deposit of £5,000 could borrow £245,000 to purchase a home worth £250,000. This represents a 98% loan-to-value ratio.

Martese Carton, Director of Mortgage Distribution at Leeds Building Society, said: “Affordability continues to be one of the biggest barriers facing first time buyers today. With our new Start Mortgage, we’re combining higher loan-to-value lending with flexible income multiples to better reflect earning potential and housing costs.

“We know there is no one-size-fits-all approach, which is why we’re committed to supporting brokers in finding solutions for their clients. We’re proud to support aspirational buyers in getting a home of their own and keeping them there by following prudent affordability assessments to ensure they aren’t overstretching themselves.”

Key product details

•       Up to 98% LTV

•       Loan-to-income multiple of up to 5x

•       Minimum deposit of £5,000

•       Maximum loan of £500,000

•       Minimum income of £30,000

•       Available on five-year products

•       Available to eligible self-employed applicants

•       Gifted deposits accepted

Start forms part of our wider commitment to putting home ownership within reach of more people, generation after generation. For brokers, the range provides a simple, accessible option for first time buyer clients who need early support but can demonstrate sustainable affordability.

Click here for more information or contact your local BDM.