You may have seen Leeds Building Society mentioned in the trade and national press regarding our position on Holiday Let mortgages. I just wanted to clarify some key points so that you are aware.
- We are looking at how we can further support the FTB market and address shortage of housing, particularly in areas where there may be a lot of 2nd homes and holiday lets.
- We are planning to run a small pilot where we will work with a few local councils to identify any saturated postcodes and stop holiday let lending in these areas only. This will be for 12 months to assess what impact this will have.
- We value broker business and will make the process as transparent and straightforward as possible.
- We are not pulling out of holiday let’s all together, we’ll keep you informed as we get nearer to launching the pilot.
Here is Richard Fearon’s (LBS CEO) LinkedIN article:
Is it time to stop lending on holiday lets? | LinkedIn