Leeds changes criteria

In response to feedback from customers, mortgage brokers and developers, from today (Monday 20 January) the society is extending the validity of mortgage offers from three months to six months.

This benefit will apply to existing as well as new mortgage offers.

“Making the mortgage offer valid for longer will help borrowers who are buying a new property, or buyers who may be stuck in the middle of a chain of transactions,” said Martin Richardson, Leeds Building Society’s general manager – business development.

“There can be delays at any stage of buying a home, whether or not it’s a new build, and mortgage offer time limits can increase pressure on borrowers at an already stressful time.

“By doubling the length of time a Leeds mortgage is valid, we hope to take away this added pressure on borrowers and further streamline our offer process.”