Leeds Building Society will no longer offer mortgages for second homes.
Its chief executive said they put home ownership out of reach for first-time buyers.
Leeds said that after 6pm yesterday it would no longer offer new lending on second homes. Britain’s fifth-largest building society, with £19.7bn of loans on its balance sheet, Leeds is understood to be the first big mortgage lender to enact a full ban.
Chief executive Richard Fearon said: “We don’t believe support for second homes is compatible with our purpose to put home ownership within reach of more people. Second homes reduce the number of properties available for people to live in, at a time when there is a consensus housing supply is inadequate to meet demand.”
