Leeds for intermediaries

For mortgage brokers or intermediaries, it is vital to be in constant communication with financial institutions that offer home loans in the United Kingdom. Some of these lenders are banks and other mortgage companies that pride themselves on being broker centric. It is also important for intermediaries to work with lenders that are legally authorised by the government.

One example of a good mortgage lender to work with is Leeds Building Society. It is an established financial giant in Leeds, England and consistently ranks as one of the top 10 largest building societies in the country. It is also one of the UK’s oldest building societies, having been founded in 1875.  

In this article, Mortgage Introducer will highlight the mortgage products and eligibility criteria of Leeds Building Society for mortgage brokers. We will also explore other relevant information like their online portal, especially their intermediary-only platform. Want to learn all about Leeds for intermediaries? This guide will help you decide if this mortgage lender is the one for you and your clients.

Introduction to Leeds for intermediaries

Leeds Building Society is a building society registered in England and authorised by the Prudential Regulation Authority (PRA). It is regulated by the Financial Conduct Authority (FCA) with the exemption of their buy to let mortgages for business purposes. These property loan offerings from Leeds for intermediaries are exempt from FCA rules and regulations.

Leeds Building Society is also member of the Building Societies Association (BSA).

Back in the 19th century, Leeds Building Society was first registered as the Leeds and Holbeck (Permanent) Building Society. It originated from a group called the Leeds Union Operative Land and Building Society. In September 2005, it was renamed to what we now know as Leeds Building Society.

Fun fact: The Leeds Building Society is not only active in the mortgage industry but also in other areas. For mortgage professionals who are also sports enthusiasts, you might be thrilled to know that Leeds Building Society is a sponsor of the Super League rugby league club Leeds Rhinos.

Eligibility criteria for Leeds for intermediaries’ applicants

Here are the requirements needed for those who are interested to apply for Leeds for intermediaries’ mortgage products and services:

• must be at least 18 years old at the time of application
• must not be more than 80 years old at the time of application; this applies to the oldest applicant on the mortgage
• must not be more than 75 years old at the time of application for self-employed applicants
• must be on the UK electoral register
• must be a UK citizen or have permanent or unrestricted indefinite leave to remain in the UK
• must have indefinite leave to remain or right to reside evidenced by a passport stamp, settled or pre-settled status under the EU Settlement Scheme, or confirmation from the Home Office (for non-UK citizens only)

Leeds for intermediaries will not accept mortgage applications from clients who are foreign nationals and living overseas. Applications from foreign nationals who have been to the UK but do not have indefinite leave to remain will also be rejected.

Criteria for income

Variable types of income can be accepted by Leeds for intermediaries for employed applicants. These can be in the form of:

• overtime
• bonuses
• shift allowance
• commissions

For applicants who have an additional job, Leeds for intermediaries can consider the income from that source if the job description meets Leeds for intermediaries’ policy for employment.

To know more about Leeds for intermediaries’ eligibility criteria for residential and buy to let mortgages, visit their online portal.

Criteria for green mortgage applications

Green mortgages are property loans offered by banks or mortgage lenders to borrowers who want to buy green buildings. These properties are considered as such if they meet certain environmental standards.

For green mortgage applications for residential property purchases, Leeds for intermediaries offers property loans to both first-time buyers and existing homeowners. However, they are not applicable for Shared Equity or Help to Buy applications. Leeds for intermediaries will only approve green mortgage applications with the following criteria:

• the property must be in the UK
• there must be a valid Energy Performance Certificate (EPC) with a rating of A, B or C to be eligible
• EPC must be valid within 10 years of production
• if it is a new build property then a Predicted Energy Assessment (PEA) must be validated by the intermediary

For green mortgage applications, all standard lending rules and policies by Leeds for intermediaries will apply.

Read our guide on green mortgage rates for an overview on this type of mortgage.

Mortgage product offerings of Leeds for intermediaries

Leeds for intermediaries boasts numerous home loan products for their clients. Here are some of them:

• residential mortgages
• interest only mortgages
• Buy to Let mortgages
• Help to Buy mortgages

Other property loan options from Leeds for intermediaries include:

• reach residential mortgages
• limited company buy to let mortgages
• portfolio buy to let mortgages
• holiday let mortgages
• shared ownership mortgages
• shared equity mortgages
• help to buy mortgages
• first homes or DMS mortgages
• right to buy mortgages
• retirement interest only mortgages
• small HMO mortgages
• large HMO mortgages

We will shed light on the first four mortgage products that Leeds for intermediaries has. These four home loans are also some of the most popular options for property investors and aspiring homeowners in the country.

1. Residential mortgages 

Like most mortgage lenders, Leeds for intermediaries offers residential mortgages for those who want to buy a property and turn it into their primary residence. First-time buyers are often the ones who are applying for residential mortgages.

The three most common home loans in the UK are also offered by Leeds for intermediaries. These are:

• fixed-rate mortgages – this is a type of mortgage where the interest rate remains constant for a set period; Leeds for intermediaries offers fixed-rate mortgages for two, three, and five years
• variable-rate mortgages – this is a mortgage where the interest rate can change throughout the life of the home loan; the changes made by Leeds for intermediaries are linked to the Bank of England base rate’s fluctuations
• tracker mortgages – the interest rates for this type of mortgage directly follows the Bank of England base rate; there will be an additional rate percentage set by Leeds for intermediaries on top of the central bank’s rates

2. Interest only mortgages

Leeds for intermediaries also offers interest only home loans for qualified clients. However, intermediaries must provide evidence that their clients can repay the capital at the end of their mortgage term. For repayment strategies, Leeds for intermediaries will allow the following:

• pensions
• shares of stocks
• regulated investments
• sale of a mortgaged property
• lump sum savings and investments in bonds and unit trusts

Interest only mortgages have no minimum income requirement but are subject to affordability assessment. Intermediaries can expect a free standard valuation of up to £999 from Leeds.

Curious to find out if interest only mortgages are risky? Learn more about the risks and benefits of interest only mortgages when you watch this video:

3. Buy to Let mortgages

Buy to Let mortgages are offered by Leeds for intermediaries to landlords and property investors who want to buy property for rental purposes. Below are the requirements:

• no minimum income requirement, but evidence of income must be provided by the applicant
• maximum portfolio size of 10 mortgaged rental properties, irrespective of lender
• maximum of 4 rental properties can be mortgaged with Leeds for intermediaries
• no maximum age at end of term

4. Help to Buy mortgages

Help to Buy mortgages are part of the UK government’s initiative to assist first-time buyers in purchasing a home. Leeds for intermediaries offers this type of mortgage for aspiring homeowners. Its Help to Buy property loan options are also available for remortgage applications.

Leeds for intermediaries considers its Help to Buy mortgage product line as an alternative to a product transfer for clients with existing lenders. Mortgage brokers can choose from Leeds’ Help to Buy mortgages which can be applied for a fixed rate of two or five years.

As with all things, there’s an upside and a downside to Help to Buy mortgages. Read this article for more on the Help to Buy’s pros and cons.

Leeds for intermediaries’ mortgage rates

For 2-year fixed rate mortgages, Leeds for intermediaries offers an initial mortgage rate of 4.29%. For a 3-year fixed rate, 4.44%, and for a 5-year fixed rate, 4.09%. For variable rate mortgages, the Standard Variable Rate (SVR) is 8.24%.

Interested to know about mortgage rates from other mortgage lenders? Feel free to bookmark our guide to mortgage rates to see the latest rates from all the top UK mortgage lenders. You can also favourite this page and check back weekly to be updated with the latest changes.

Savings accounts offered by Leeds for intermediaries

Aside from these mortgage products, Leeds for intermediaries also offers savings accounts for those who might be interested in saving for the future. These additional funds can then be used for large expenses like paying a down payment to secure a mortgage. Here are some of Leeds for intermediaries’ savings accounts:

• cash ISAs
• fixed rate bonds
• online savings accounts
• easy access savings accounts
• regular saver accounts
• children's savings accounts

Why should intermediaries partner with Leeds?

Partnering with Leeds for intermediaries will not only help you find the right mortgage product for your client, but it can also help boost your career as an intermediary. You can place your trust in lenders like Leeds because they are well established in the mortgage industry.

For intermediaries, it is a must that you work with mortgage lenders that are trustworthy. This is especially true for new mortgage brokers in the industry. With Leeds for intermediaries, you can bet that your client’s mortgage is backed by an established lender. The fact that it is one of the oldest institutions to be in the mortgage business is a huge plus.

Remember, being an intermediary involves making connections with institutions that you are confident to work with. Clients will see that you are also trustworthy if you surround yourself with credible networks and professionals.

Interested in partnering with other mortgage lenders aside from Leeds for intermediaries? We have other guides for lenders with intermediary-only platforms. Check out some of them below:

• Your guide to Accord for intermediaries
• Your guide to Barclays for intermediaries
• Your guide to Coventry for intermediaries
• Your guide to HSBC for intermediaries
• Your guide to Nationwide for intermediaries
• Your guide to NatWest for intermediaries

Do you think that Leeds for intermediaries is a good lender to partner with? Why or why not? Let us know what you think in the comments section below