The lender is an active provider of mortgages for those with low deposits, offering borrowers with a range of 90% LTV fixed and discounted products. First-time buyers are also a target market - as well as the 90% LTV products, they can also access a postcode-restricted 95% LTV product designed specifically for those making their first purchase.
Genworth will now become the provider of mortgage insurance to Leek United which will use the bespoke insurance to develop and supply its full range of high LTV mortgage products to its customers.
Commenting, Simon Crone, vice president - mortgage insurance Europe at Genworth, said: “Our work with the building society sector continues apace and we are extremely pleased to announce this new relationship between Genworth and Leek United.
“The provision of higher LTV mortgage products is absolutely critical in order to enable those with small deposits, particularly first-time buyers, to get on the housing ladder. We are acutely aware that the building society sector has often led the way in terms of helping first-timers secure mortgage finance with just a 5-10% deposit – Leek United has certainly played in vital role in this and their higher LTV product offering has stood out in terms of its accessibility and its competitive pricing.
“By utilising Genworth’s mortgage insurance cover Leek United will not only be able to continue offering such products but will also have a greater degree of flexibility in order to develop future mortgages and continue the great work they have already carried out in this area.
“Genworth will work incredibly closely with the team at Leek United in order to support their proposition and to ensure that the risk involved is minimised.”
