The mutual launched the mortgages, which offer borrowers an interest-free period of up to 6 months, in July.
Speaking at a CML conference in London, Leeds Building Society’s head of product development Jaedon Green said the new products had increased the lender’s standing amongst brokers.
“We have been very pleased with the sales and it has definitely broadened the number of intermediaries using us who didn’t before,” he said.
“Plus, they’re placing both Welcome and other types of mortgages.”
However, he later alluded to problems placing the unusual product into sourcing systems. Green warned other lenders launching innovative products to make sure brokers could place cases easily and were fully aware of the product.
“We did miss a trick with the Welcome mortgages with intermediaries. They rely heavily on sourcing systems like Trigold and Mortgage Brain and we should have invested more time and energy working with our broker colleagues on that.
“Any lender introducing a new product must look at every element, especially sourcing systems, to check that it all works.”
