Leek Building Society is doubling its maximum storey limit for flats, alongside introducing enhanced income flexibility for qualifying applicants.
The headline change sees the Society 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.
The society has also enhanced its Loan to Income (LTI) ratios.
It offers a maximum LTI of up to 6x for qualifying applicants, including a quicker streamlined approach for 5x LTI applications.
It claims that the the 6x LTI provides a vital lifeline for high-earning professionals and those in specific circumstances where the standard 4.49x backstop may fall short.
Core Criteria Updates
- 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 : A reminder that the Society offers up to 6x LTI for qualifying applicants to support greater borrowing power;
- Property Quality: Minimum internal floor area of 30 square metres; EWS certificates (A1, A2, B1) required where applicable.
