Leeds & Holbeck Building Society is to open an office in Gibraltar. This is the Society’s first venture outside the UK.
While the Society will initially offer a range of mortgages to Gibraltarians and British expatriates, Leeds and Holbeck are looking to expand to offer mortgages on the mainland in the New Year.
Products offered in Gibraltar will be similar to those available in the UK. They include a 5.45% ten-year fixed rate, with tapered early repayment penalties, and a 4.75% two-year discount. The majority of mortgages carry no MIG or compulsory insurances.
Ian Ward, chief executive of Leeds & Holbeck, said: ‘This is a major strategic development and an exciting new venture for the Society. The decision to open in Gibraltar was taken after careful market research identified excellent business opportunities. We are delight- ed to be there and look for-ward to playing our part in the Rock’s vibrant financial sector.’