Leeds Building Society has agreed a climate change risk contract with Hometrack, building on their existing partnership.
Hometrack’s climate change risk analysis – in partnership with Ambiental and Terrafirma – will afford Leeds Building Society an increased understanding of the impact of climate change on its mortgage portfolio, helping it to meet ongoing regulation from the Bank of England.
Hometrack’s risk insights offering will assess how climate change risk is projected to evolve across Leeds Building Society’s portfolio over time.
The product will also be delivered at the point of origination for new mortgage lending, enabling the society to incorporate key climate change metrics into its future mortgage origination strategy.
Andrew Mellor, risk director at Leeds Building Society, said: “We are pleased to build on our existing relationship with Hometrack, which has enabled the society to gain invaluable insights into the emerging impacts that climate change could have on our business and has helped to shape our Climate Risk Management Framework and response plans.”
George Robbins, VP commercial at Hometrack, added: “Leeds Building Society recognises the need to gain a greater understanding of the potential impacts of climate change risk as soon as possible, and we will support the society as it navigates increased regulation in this field.
“We look forward to building on our existing relationship and to delivering streamlined, in depth analyses that enables the society to understand, track and minimise climate change risk exposure – both today and for the future.”