Leeds Building Society extends mortgage offers to support borrowers - Offers increased from six to nine months in recognition of delays to home moves
Mortgage offers from Leeds Building Society are being extended by three months to support customers whose home purchases are delayed due to the Covid-19 pandemic.
“We’re pleased to confirm we are extending mortgage offers for an additional three months, to nine months, where the applicant has exchanged contracts,” said Jaedon Green, Leeds Building Society’s Chief Customer Officer.
“This will help to support customers who expected to complete their home purchase in the near future, to give them certainty should their move be delayed because of social distancing, shielding and self-isolation requirements during the current Covid-19 pandemic.
“In line with other lenders, we’re working hard to minimise disruption and inconvenience to our customers at what is a challenging time for everyone.
“Home moves are recognised as potentially stressful under normal circumstances, so we’re doing all we can to support our customers and intermediary partners.”
Any Leeds Building Soiety applicant whose offer expires after 30 April does not need to get in touch at this stage.
An applicant whose offer expires before this date, is concerned, or needs more information, should call 03458 480061.
If a customer’s circumstances, or the terms of their purchase, change significantly during this extended period and continuing with the mortgage would cause potential financial hardship, the Society will work with customers as a matter of urgency to help them manage their finances.
The Society has a dedicated page about Covid-19 which can be found at https://www.leedsbuildingsociety.co.uk/coronavirus-information/
Notes to Editors
Since the Chancellor's announcement on Tuesday 17 March, Leeds Building Society has been continuing to look at how it can support members and already has a number of options available which can help borrowers at risk of experiencing financial difficulties.
For members who are worried, or may now struggle to meet mortgage payments, because of coronavirus, these include:
Arrears fees: waived until the end of May.
Repossessions: suspended until the end of May.
Mortgage payment holidays: repayment holidays of up to three months are available, for mortgage customers as well as Buy to Let landlords whose tenants are affected by coronavirus.
The latest information is available here: www.leedsbuildingsociety.co.uk
Extra mortgage support: mortgage payment holidays will not be suitable for all borrowers. Options for borrowers in arrears include a temporary move to interest only, or a concession on monthly repayments.
Additional payments: some members may want to make extra ad-hoc mortgage payments – more information about how to do this in can be found in the Help centre
Support by phone: As the Society is currently receiving an extremely high numbers of calls, it is prioritising customers who need help the most so is asking customers to call only if they're having difficulties meeting their next mortgage payment.
Their patience and understanding is appreciated at this exceptionally busy time.
Leeds Building Society operates throughout the UK and had assets of £20.8bn at 31 December 2019 (£19.4bn at 31 December 2018). The Society is a Best Companies 2* employer and its head office is in the centre of Leeds, where it has been based since 1886.
The Society won the title of Best Shared Ownership Mortgage Lender in the 2019 What Mortgage Awards, its fourth consecutive year of success in this category. It also received a Gold Ribbon from Fairer Finance for savings accounts for the second year running, based on customer happiness and trust, along with the ability to explain things clearly.