Leeds Building Society

The UK Residential Lending Guide has been updated to provide further clarification in the following areas:

Overarching Statement - An overarching statement has been added to section 1 to confirm that the Policy covers areas of lending acceptable to the Society.
Employment Requirements - The Policy has been updated to state that applicants should have completed any probationary period and has been in full permanent continuous employment for a minimum of six months (including the probationary period).
Income Verification - The Policy has been updated to clarify that any rental income to be used should be the net income figure and evidenced by a minimum of twelve months.
Short Term Contracts - The Policy has been updated to reflect that temporary contracts are not acceptable where the applicant moves from company to company over short periods of time.
An applicant would be acceptable, providing the company can confirm that the applicant is permanent and is not required to complete a further probationary period. MLD are required to verify the position.
Self Employed Status - Where applicant is related to the employer confirmation of income should be sought from an appropriately qualified accountant.
Holiday Lets - The Policy has been updated to clarify that property types with restrictions are not acceptable.