The Leeds Building Society has reaffirmed its commitment to help existing customers move to an alternative mortgage product when their initial deal expires.
Product transfers are also available to borrowers currently benefitting from other support the society is offering during the Covid-19 pandemic, such as mortgage payment holidays.
The Leeds was among the first to sign up to a voluntary agreement among lenders in 2018 to help borrowers ineligible to move from their existing product because stricter mortgage affordability criteria had been introduced after they completed their home loan.
Since making that voluntary commitment, the society says it has continued to work with existing customers to ensure they are aware of the mortgage options open to them, including product transfers, so they are on the most appropriate deal.
Richard Fearon, CEO at the Leeds Building Society, said: “We’re happy to reaffirm our support for borrowers wanting to switch mortgage, and to restate our backing for the industry agreement advocated by UK Finance, the BSA (Building Societies Association) and the Intermediary Mortgage Lenders Association,” said
“When we signed up to the voluntary agreement in summer 2018, we’d already implemented all of the steps required of lenders and any of our borrowers on a reversionary rate can switch to another product, as long as they’re up to date with their payments.
“This support continues and, in dealing with the impact of the current Covid-19 pandemic, we remain focused on how best we can help our borrowers, including offering payment holidays.”
Other forbearance measures by Leeds Building Society include product transfers, term extensions, temporary transfer to interest only, and agreed repayment plans and concessionary repayments.
The Society encourages any borrower concerned about their financial circumstances to get in touch as soon as possible to discuss how best they can be supported. Every case is considered on its individual merits.
For borrowers directly affected by the Covid-19 pandemic, the Society has a dedicated page which can be found at https://www.leedsbuildingsociety.co.uk/coronavirus-information/