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All you need to know about Leeds Building Society mortgages
Finding the right mortgage for your needs can be challenging. Banks are not your only option: Leeds Building Society has been operating since 1875 and , with over 700,000 customers, is one of the largest building societies in the UK. Leeds Building Society offers a range of different mortgage types to its members.
If you want to compare Leeds Building Society and other mortgage lenders, use Quotezone’s simple comparison tool.
How do building societies differ to banks?
Generally speaking, a bank works for the profit of its stakeholders, whilst a building society works for the interests of its members. Anyone who reaps financial services from a building society is a member, rather than a customer. A building society often offers many of the same products and services as a bank.
Are building societies better for mortgages?
Building societies often have lower expenses and do not have to work for the profits of stakeholders, meaning many building societies can offer lower mortgage interest rates than banks. However, it is always important to compare quotes, as some banks may offer lower interest rates.
What are the disadvantages of building societies?
Building societies do not always offer as many different services as banks do. You may also be limited by choice as some building societies only offer services in certain areas.
Are building societies safer than banks?
It is usually safe to have a financial service from either a bank or a building society, as both have to follow certain rules. Having a mortgage with a bank or building society should not lead to any unexpected issues, but you need to carefully check your mortgage terms to make sure you know what to expect.
Do building societies offer secured loans?
Yes, any mortgage that you get with a building society would be a secured loan, just like any mortgage from a bank. This means that the loan is secured using the house you buy as an asset. Just as with bank mortgages, if you fail to pay back your loan, your house could be sold to cover the remainder of your mortgage debt.
How long does Leeds Building Society take to process a mortgage?
Processing and approving a mortgage is not a fast process. It can usually take from two to four weeks to have a mortgage approved. You should factor this into your timeline for buying a house.
What deposit will I need for Leeds Building Society mortgages?
Leeds Building Society offer a range of different mortgage services to its members. You can usually get a mortgage with a 5% or higher deposit.