Leeds Building Society has extended the timeframe for its mortgage borrowers to select a product transfer.
Borrowers and their brokers now have up to six months before their existing mortgage matures to switch onto a new product.
This is an increase from the previous three-month window borrowers had to transfer to another deal.
Martese Carton (pictured), director of mortgage distribution at Leeds Building Society, said: “We’re confident that this change will support borrowers and our intermediary partners as they consider the next steps when a mortgage product is coming to an end.
“Recent feedback has indicated that more borrowers are seeking to lock in sooner so they can have peace of mind and potentially fix their rate.
“Extending this period from three months to six will support our commitment to help existing mortgage customers to easily switch to a new rate when they reach the end of their term.
“The change will also give certainty and support borrowers to plan for ongoing cost of living price rises and the pressures that this brings.”
The mutual is the latest lender to give its borrowers more time to think about switching. It follows in the footsteps of HSBC, Skipton Building Society and Halifax.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
