Leeds Building society confirms product transfer availability for those on payment holidays
Leeds Building Society has confirmed that product transfers will be available to borrowers benefitting from payment holidays.
The Leeds was amongst 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 commitment, the Society 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, Chief Executive Officer at 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.
“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.