The risk analysis is in partnership with Ambiental and Terrafirma and combines several components into a single tool which will be delivered at the point of new mortgage lending.
This will allow the mutual to integrate ecological considerations into its future mortgage origination strategy.
The product will also help the mutual meet ongoing regulation from the Bank of England and allow it to track its progress over time.
Leeds Building Society’s risk director, Andrew Mellor, said: “We are pleased to build on our existing relationship with Hometrack, which has enabled the society to gain invaluable insights into the emerging impacts that climate change could have on our business and has helped to shape our Climate Risk Management Framework and response plans.”
Hometrack’s commercial vice president, George Robbins, added: “Leeds Building Society recognises the need to gain a greater understanding of the potential impacts of climate change risk as soon as possible, and we will support the society as it navigates increased regulation in this field.
“We look forward to building on our existing relationship and to delivering streamlined, in depth analyses that enables the society to understand, track and minimise climate change risk exposure – both today and for the future.”
Hometrack launched its climate change risk product aimed at lenders in June to help them meet increased regulation and improve their understanding of the impact of climate change on property valuation.
Ambiental will provide river flow, rainfall, storm surge and climate change predications, while Terrafirma will add ground risk analysis to the product. The platform also includes data from 50 million valuations per year, as well as energy performance certificate information, and can be overlain with property risks data.
