Leeds Building Society has expanded its Income Plus mortgage range to include home movers and remortgagers, not just first-time buyers, offering up to six times loan-to-income for households with a minimum income of £75,000. The expanded Income Plus offering is available for new builds and self-employed applicants on a five-year fixed rate term. However, a mortgage adviser has cautioned that now may not be the moment for families to place additional strain on themselves due to inflation climbing and public finances under pressure.
A mortgage broker has cautioned that borrowers must tread carefully when it comes to maximising their borrowing potential, noting that pushing affordability further has risks. The specific risks associated with pushing affordability further, beyond the general caution mentioned, have not been detailed, and it is unknown how many borrowers are expected to take advantage of the expanded Income Plus range or what the projected impact is on Leeds Building Society's lending portfolio. Additionally, the exact interest rates for the five-year fixed rate term offered under the expanded Income Plus range have not been disclosed, and it is unclear how public finance pressure and potential tax rises specifically affect affordability calculations for borrowers considering these higher loan-to-income mortgages.