Genworth will be providing mortgage insurance to Leek United to help it develop and supply a range of high loan-to-value (LTV) mortgage products to its customers.
Leek United has been providing mortgages for those with low deposits for some time, offering borrowers a range of 90% LTV fixed and discounted products. It also offers postcode-restricted 95% LTV products designed for first-time buyers.
Simon Crone (pictured), vice president for mortgage insurance for Europe at Genworth, said: “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 or 10% deposit – Leek United has certainly played a 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.”
