Leeds to let borrowers reserve their rate for an extra six months
Leeds Building Society will now consider extending mortgage offers on all new lending by up to six months.
The move could help borrowers who find themselves stuck in a slow-moving property chain, as well as buyers of new build homes, where completions can sometimes be delayed due to hold-ups in construction.
The lender has made the change in response to borrower and mortgage adviser feedback and said it will save the time, effort and expense of submitting a new application.
The Society also is launching a dedicated new build helpline for mortgage advisers, so they can receive a swifter reply to queries about their client’s cases.
“These latest service improvements demonstrate our ongoing commitment to the new build sector and acknowledge new build purchases can often take longer to complete, particularly when buying a home off-plan,” said Martese Carton from the mutual.