An innovative Leeds Building Society mortgage is now a double award-winner after picking up another industry prize.
The Society was honoured with the Innovation in Personal Finance prize at the Moneyfacts Awards for its part and part mortgages, which are available up to 75 per cent LTV (loan to value), with up to 50 per cent LTV on interest only and the remainder on a capital and repayment basis.
Part and part also won the Product Innovation (Lenders) honour at the Mortgage Finance Gazette Awards 2016, the third consecutive year the Society’s product innovation had triumphed in these awards.
Leeds Building Society continued to offer interest only mortgages when many other lenders withdrew from this sector and introduced part and part in May 2015.
The deal offers borrowers more flexibility in reducing their mortgage debt in a manageable way and has proved particularly popular for remortgages by interest only borrowers, such as those with an endowment shortfall.
“Recognition by our peers is always satisfying so to pick up a second industry award for part and part is very welcome,” said Jaedon Green, Leeds Building Society’s director of product and distribution.
“As anticipated when we launched part and part, we’ve seen strong demand for remortgages from homeowners with interest only mortgages.
“Part and part can help borrowers who’ve yet to make progress paying down their original interest only loan to start reducing their debt without the payment shock of switching to a full repayment mortgage.
“It’s also a product which high net worth borrowers can use as part of a wider investment strategy, or for home buyers expecting their future income to rise significantly, such as after completing professional training and qualifications.”
The society also picked up the Moneyfacts award for Best Building Society Savings Provider at this week’s presentation dinner in London.
Lee Tillcock, editor of Moneyfacts, said: “Winning awards in both savings and mortgage categories demonstrates Leeds Building Society’s continuing commitment to consumers in the personal finance sector.
“Its innovative part and part mortgage solution has provided added flexibility to help borrower groups who have found it hard to source adequate funding and have been left behind as mortgage rates continue to hit record lows.
“By employing a competitive approach to the deposit sector, it has rightfully claimed the title as the leading savings account provider in the building society sector. Offering competitive, often market-leading, products across the entire range it has provided options for all those looking to make the best returns on their savings.”