What type of lender is the Leeds Building Society?

The Leeds Building Society was officially established in 1875. The building society is based in Leeds but has around 50 branches on the high streets of the UK from Belfast to Reading.

Leeds Building Society is the 14and the largest mortgage lender, having lent £2.5bn in 2020, according to UK Finance. That’s 1% of all mortgages.

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What kind of mortgage deals does the Leeds Building Society offer?

Whether you’re a first-time buyer or looking to re-mortgage, Leeds Building Society has a wide range of mortgage deals.

Customers can choose from:

  • Fixed rate mortgages
  • Variable rate mortgages
  • Interest Only Mortgages
  • Condominium mortgages
  • Vacation Rental Mortgages
  • Low Rate Mortgages
  • Right to purchase mortgages
  • Mortgages for multiple occupancy homes (HMOs)
  • Buy to rent mortgages

Fixed rate mortgages have terms of 2, 3, 5 or 10 years and borrowers need a minimum deposit of 5%.

How long does it take to apply for a mortgage at Leeds Building Society?

Data from our mortgage partner, Trussle, shows that it takes an average of 19 days for a mortgage application to be processed by the Leeds Building Society. That’s longer than the 16-day average of all lenders verified by Trussle.

Keep in mind that a number of factors can affect the timeliness of your own mortgage application, including your personal circumstances, how busy the lender is, and the quality of your application.

How much can I borrow from the Leeds Building Society?

Leeds Building Society customers can borrow up to 4.75 times their gross income if they have a down payment of at least 15%, according to data from our mortgage partner, Trussle.

Buyers with a down payment of less than 15% can borrow up to 4.5 times their gross income.

How do I get a mortgage from the Leeds Building Society?

Before applying for a mortgage with the Leeds Building Society, it is worth getting an agreement in principle.

This will let you know if Leeds Building Society will be able to afford you a mortgage and how much you are likely to be able to borrow. It’s free and it won’t affect your credit score. You can apply for a tentative agreement online or by phone.

Once you’re ready to complete a mortgage application, you can do it online. Or, if you prefer to receive mortgage advice before completing your application, you can contact the Leeds Building Society by telephone.

Will I need a good credit rating for a Leeds Building Society mortgage?

Having a good credit rating will increase your chances of being accepted for a mortgage with the Leeds Building Society. It will also help you get the most competitive mortgage rates, reducing the cost of your monthly mortgage payments.

If your credit score is poor, there are steps you can take to improve it, such as paying your bills on time, making sure you’re on the voters list, and correcting errors on your credit report.

What does customer service look like at Leeds Building Society?

According to the latest ratings from Fairer Finance, Leeds Building Society has a customer experience rating of 60%. It scores high (91.65%) for handling customer complaints, but worse for customer happiness (54.31%), customer trust (41.95%) and transparency (55%). ).

Meanwhile, Trussle research shows that between July and December 2018, the Financial Conduct Authority received 565 confirmed complaints about the lender. For context, that’s about 0.3% of Leeds Building Society customers, which is below the 0.4% average of the 25 lenders Trussle looked at.

Do I need building insurance with a Leeds Building Society mortgage?

Yes, you will need to purchase building insurance to protect the structure of your property from damage caused by floods, fires and cave-ins.

Leeds Building Society offers home insurance through its partner Aviva, but to ensure you get the best deal, it’s best to compare your options elsewhere first.

Do I need to get a Leeds Building Society mortgage?

It will ultimately be your decision to make, but when weighing your options, it’s important to carefully compare your mortgage options across a range of lenders to see which offer best suits your needs.

Consider both the interest rate and the fees charged. In some cases, you might find a mortgage with a higher interest rate but no fees that is cheaper overall than a mortgage with a lower interest rate but high fees.

In many cases, especially if you are buying for the first time, it makes sense to contact an independent mortgage broker free of charge for advice.