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Rising demand for Leeds Building Society's new contractor mortgages

Leeds Building Society is working with more intermediaries as it continues to roll out its new mortgage range for professional contractors.

As National Freelancers Day (Wednesday, 19th November) highlights the importance of self-employed workers to the UK economy, Leeds Building Society is reporting rising interest in the new contractor range it began to offer to more broker firms last month.

"National Freelancers Day highlights this growing sector's value to the UK economy as the number of self-employed people continues to rise," said Martin Richardson, Leeds Building Society's General Manager – Business Development.

"We introduced our professional contractor mortgages in recognition of this under-served but important market and to offer contractors greater choice and flexibility, for which we received the Innovation Award for lenders at this month's Mortgage Finance Gazette Awards."

Unlike other lenders, Leeds Building Society will accept 12 months' experience, in any sector, and allows for a six week break between each contract, compared to the industry norm of allowing only six weeks in total per year.

The Society's range includes offset versions of two, three and five year fixed rate mortgages, in recognition of the common practice among contractors to build up savings to tide themselves over between jobs.

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National Freelancers Day 2014 on Wednesday, 19th November, is the sixth annual event and is organised by The Association of Independent Professionals and the Self Employed to highlight the significance of the growing freelance workforce, in the UK and beyond, and to support the self-employed.

To discuss a new case with one of our mortgage development team, mortgage introducers should go to www.leedsintroducer.co.uk to find details of their nearest Business Developer contact.

Leeds Building Society has won three awards for innovation so far this year, having been named 'Innovator of the Year' at the Moneywise Magazine Mortgage Awards 2014 for its Welcome Mortgage. This allows borrowers to pay 0% interest for the first few months of their term so they can free up cash to help them settle into their new home.

The Society scooped the 'Mortgage Innovation Award' and was named 'Most Innovative Personal Finance Provider' at the Moneynet Personal Finance Awards 2015, and also received the 'Innovation Award (Lenders)' at the Mortgage Finance Gazette Awards, in addition to being named 'Best Intermediary Lender' and receiving the award for 'Best Use of Technology (Lenders)'.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.1bn (as at 30 June 2014). The Society has operated from the centre of Leeds since 1886.