Staffordshire-based Leek United Building Society is joining forces with Genworth, the provider of mortgage insurance products to lenders.
Genworth has become the provider of mortgage insurance to Leek United, which will be utilising bespoke insurance arrangements to develop and supply its full range of high LTV mortgage products.
Leek United has been an active provider of mortgages for those with low deposits for some time offering borrowers a range of 90% LTV fixed and discounted products. First-time buyers are also a key customer demographic for Leek United and as well as the 90% LTV products they can also access a postcode-restricted 95% LTV product designed specifically for those making their first purchase.
Simon Crone, vice president – Mortgage Insurance Europe at Genworth, said: “Our work with the building society sector continues apace and we are extremely pleased to announce this new relationship between Genworth and Leek United. The provision of higher LTV mortgage products is absolutely critical in order to enable those with small deposits, particularly first-time buyers, to get on the housing ladder.
“We are acutely aware that the building society sector has often led the way in terms of helping first-timers secure mortgage finance with just a 5/10% deposit – Leek United have certainly played in vital role in this and their higher LTV product offering has stood out in terms of its accessibility and its competitive pricing.
“By utilising Genworth’s mortgage insurance cover Leek United will not only be able to continue offering such products but will also have a greater degree of flexibility in order to develop future mortgages and continue the great work they have already carried out in this area. Genworth will work incredibly closely with the team at Leek United in order to support their proposition and to ensure that the risk involved is minimised.
“We pride ourselves on the strength of our operation and the experience of our staff and know we will be working with a similar team at Leek United. Everyone at Genworth is hugely excited to begin this new relationship and to ensure that the supply of higher LTV mortgages can continue to grow.”
Tony Hubbard, operations director at Leek United Building Society, added: “Leek United has always defined its mortgage business through a cautious and prudent approach to lending, whilst at the same time doing all it can to assist and encourage home ownership – especially for first-time buyers – in the communities we serve. However, all of this is only made possible by also ensuring that the attendant risks involved in our mortgage lending are minimised with accompanying insurance products in which the Society can have the utmost confidence.
“We are delighted, therefore, to be able to announce our new partnership with Genworth, which – like Leek United – has a long and proud history of servicing the financial security needs of its customers. We share the same values of exemplary customer service, backed by the integrity of value-for-money, competitive products, and experienced and expert staff, and we very much look forward to working with Genworth now and in the future.”
