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Leeds Building Society mortgage review May 2019

Leeds Building Society is one of the biggest building societies in the UK. It offers a huge range of mortgages to suit the needs of many customers.

Leeds Building Society has over 130 mortgage products to choose from.

With such a vast range of products, there’s likely to be one suitable for you. The lender also provides a mortgage advice service to help you choose the best deal.

First-time buyers might be tempted by the lender’s 95% loan-to-value products, its unique “Welcome” mortgage or shared ownership deals. Those looking for stable monthly repayments may want to investigate its 10-year fixed-rate mortgage. There are plenty of buy-to-let mortgages available, too.

warning icon Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

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What types of mortgage does Leeds Building Society provide?

  • Fixed-rate mortgages. Leeds Building Society offers fixed-rate mortgage deals with terms of 2, 3, 5 and 10 years. There are deals with low interest rates, but sizeable product fees. Alternatively, there are plenty of no-fee deals with slightly higher rates. It’s smart to compare the overall cost of the deals over the fixed-rate period. After this introductory period ends, you’ll be automatically switched onto Leeds Building Society’s standard variable-rate.
  • Tracker mortgages. Variable-rate mortgages could appeal if you’re happy for your monthly mortgage repayments to be flexible. The lender’s tracker mortgages will be fixed at a certain percentage above the Bank of England base rate for two years.
  • Discount mortgages. These mortgages will be fixed at a specific percentage below the lender’s standard variable-rate for two years, then 1% below it for the following three years.
  • Buy-to-let mortgages. Leeds Building Society offers two-year and five-year fixed-rate and tracker mortgages for landlords. There is also a two-year discount mortgage, and an “easy start” mortgage which charges 0% interest for three months followed by a five-year fixed-rate. There are also deals specially designed for holiday lets.
  • Welcome mortgages. These mortgages are designed to help customers cope with the costs of moving into a new home. For the first three months, you’ll pay 0% interest on your mortgage. You’ll then be switched to a five-year fixed rate.
  • Shared ownership mortgages. Leeds Building Society says it welcomes applications from first-time buyers taking advantage of shared ownership or shared equity schemes. In fact, it offers some unique fixed-rate, discount mortgages and Welcome mortgages for these customers.
  • Remortgages. The lender offers a number of the above deals, as well as a range of unique offers, for those looking to remortgage.
  • Interest-only mortgages. Leeds Building Society offers interest-only mortgages. It also offers “part and part” mortgages, which are a combination of interest-only and repayment mortgages. With these products, you’ll need to present a credible and realistic strategy for repaying your balance at the end of the term.

How do I contact Leeds Building Society?

You can get in touch with a Leeds Building Society mortgage expert by phone, by email or via one of its branches.

The phone number is 03444 175 785. You can call on weekdays between 8am and 8pm, or on Saturdays between 9am and 5pm.

The telephone service can be used to speak to a mortgage advisor about the most suitable product for your circumstances. If you wish, the advisor can also guide you through your application.

How do I apply for a Leeds Building Society mortgage?

You can complete your application over the phone or online.

The telephone application process involves two steps: a decision in principle and the full application.

To receive a decision in principle, you only need to present basic personal and financial information. The process takes around 10 minutes. After this, the lender will be able to make a decision on your eligibility for a mortgage and offer you a quote. Your approval will be based on the results of a credit check.

From there, you can choose to continue with the full application. This requires more detailed information about your income and outgoings.

You’ll need the same information available during the online application process, although you’ll get no advice from the lender’s mortgage experts.

Eligibility criteria

To be considered for a Leeds Building Society mortgage, you must:

  • Be aged 18 or over.
  • Be aged under 80 (85 for buy-to-let) when the mortgage ends.
  • Be a UK taxpayer.
  • Have resided in the UK for at least the last two years.
  • Be buying a property in the UK.
  • Be currently in full-time or part-time employment.
  • Have been in continuous employment for at least the last six months.
  • Have suffered no bankruptcies, IVAs or property repossessions in the last six years.

Mortgage loans can be between £50,000 and £1,250,000 depending on your circumstances. Mortgage terms range between 5 and 40 years. Leasehold properties must have at least 85 years left on the lease at the time of application to be considered.

*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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