Please note:

Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.

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Remortgages and PTs: how you can help your clients during lockdown

It’s fair to say the past six weeks have presented us all with a variety of unexpected challenges. As the government continues to instruct us to ‘stay at home’ in a state of national lockdown, many of your clients may have put their 2020 home buying plans firmly on the backburner.

However, your clients could need your support now more than ever, and there’s definitely still plenty of opportunities available for intermediaries to do business as we navigate the uncertainty. Here, our National Intermediary Distribution Manager, Karen Bowman, explores some of them.


“Remortgages are possibly one of the biggest opportunities for intermediaries at this time, with virtual valuation options potentially making them easier to navigate than a purchase mortgage application.

“The feedback we have been receiving from intermediaries across the country, shows remortgages are currently accounting for a large proportion of their business and reports from the market support this view. With some people having additional time on their hands at the moment, a number of customers are taking the time to review their finances and look at options to help improve their overall position.

“As such, the industry has seen a positive impact on the remortgage market with enquiries increasing[1] as things start to slowly settle down. 

“It’s important to remember that your client will still need to prove their financial circumstances as part of the remortgage application process so it may not be the right option if their finances have been impacted by Covid-19.”

Our current lending criteria for all remortgages can be found on our dedicated coronavirus page.

Product transfers

Similarly, product transfers may offer further opportunity, and a simpler way to for your client to get a better deal and save money as a result.

“We have a number of options available and our product transfer range is available for clients currently on a payment holiday too. It’s a good idea to assess the market before pursuing a product transfer for your client as you’ll be required to justify why it’s the right option for them.”

Foster your back book

“If things have gone a little quiet on the new business front, you may want to take the time to give your client bank some attention. The current circumstances are affecting people in different ways and you may have clients who are in a state of panic – especially if their situation has altered significantly due to the pandemic.

“It’s important to be proactive. Some clients may be coming to the end of their deal or they may already be paying SVR on their mortgage. Some may be completely at a loss as to what they should do. There really is no better time to make sure they understand their options and you are most certainly in a unique position to help them at this time, as are we in supporting you.”

Get in touch

“Regardless of your client’s circumstances, our team is here to help. If you want to talk about a specific case or discuss the market in general, the best thing to do is pick up the phone and give your BDM a call. We’re here to help however we can and can take the time to do this.”

For all of the latest information about our response to Covid-19, please check our dedicated page.

This article is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this article. We recommend that you seek independent legal advice and/or financial advice if you have any questions or queries.