Leeds Building Society is offering its borrowers and mortgage intermediaries earlier access to product transfer choices.
The Society now allows its existing mortgage members and intermediaries to contact them up to six months before their current mortgage deal ends to switch to an alternative product.
This is an extension from the previous three months’ time period for switching.
Martese Carton, 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
The Society’s recent feedback has indicated that more borrowers are seeking to lock in sooner so they can potentially fix their rate and have peace of mind.
The change will help the Society’s commitment to help existing mortgage customers to easily switch to a new rate when they reach the end of their term.
Additionally, the change will also give certainty and support borrowers in planning for ongoing cost-of-living price rises and the pressures that come with them.
This move by Leeds Building Society comes at a time when the UK housing market is experiencing an increase in demand, and many are seeking to remortgage to take advantage of current low-interest rates.
This earlier access to product transfer choice could provide a welcome relief to borrowers who are looking to secure their mortgage rates sooner rather than later.
