The product allows borrowing up to five times household income and is available through Leeds’s intermediary partners.
Leeds Building Society has launched the Start Mortgage, offering up to 98% loan-to-value (LTV) to help first-time buyers (FTBs) get on the property ladder.
The product allows borrowing up to five times household income and is available through Leeds’s intermediary partners.
It is aimed at buyers struggling with affordability, with a minimum income of £30,000 and a maximum loan size of £500,000.
The Start Mortgage is available on 5-year products, supports self-employed applicants, and accepts gift deposits.
No fee is payable upon completion and a free standard valuation is included.
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.”
Carton added: “We’re proud to be able 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.”
David Hollingworth, associate director at L&C Mortgages, said: “The desire to buy a first home remains strong but prospective first-time buyers are all too aware of the challenges that remain.
“Being able to borrow enough and demonstrate affordability while also saving a sizeable deposit is far from easy.
“Products like the new Leeds Start Mortgage offer alternative options for advisers and their customers.”
Hollingworth added: “Combining a small deposit requirement of just £5k with a realistic approach to affordability helps to tackle those challenges head on.
“That could make a real difference for aspiring first time buyers and turn the hope of home ownership into a genuine possibility.”