Leek Building Society pledges support to the Mortgage Charter announced by the Chancellor

Today, Monday 26 June 2023, the Chancellor announced a new Mortgage Charter to provide a range of support measures for struggling mortgage borrowers.

Leek Building Society welcomes the Chancellor's announcement and we pledge our full support to the measures outlined within the Charter. The full Charter can be found by clicking here.

To clarify what the Charter may mean in practical terms to our members, we have set out some Questions and Answers which can be found by clicking here.

We understand the challenges mortgage borrowers face during times of financial difficulty and we’ve always been fully committed to assisting those who are struggling to meet their mortgage payments.

To date, we’ve implemented several initiatives to support our mortgage borrowers, including: 

• Keeping our Standard Variable Rate (SVR) increases at less than 60% of the Bank Base Rate (BBR) increases to date* making the impact of rate rises more manageable for our customers.

• Ensuring that all borrowers nearing the end of their mortgage deal are offered a new product up to four months before their existing deal comes to an end. 

• Providing a comprehensive range of financial support options tailored to individual circumstances, including the option to switch to interest-only repayments and to extend the mortgage term in order to maintain affordability. 

• Proactively reaching out to borrowers who are, or who we believe could be in the future, struggling to meet their repayments.

• Keeping our website up to date at all times with details of the assistance and support available to mortgage borrowers.

*Period December 2021 to May 2023 inclusive. Just 58% of the increase in BBR was passed on to our customers.

Leek Building Society is fully committed to doing everything within our power to assist borrowers and we encourage anyone concerned about their mortgage to contact us without delay. There are a variety of ways we may be able to help depending upon your individual circumstance and we have a dedicated team on hand to support you.

You can call us on 0808 168 8570, Monday to Friday, 9am to 5pm. Alternatively, you can contact us by email at financialsupport@leekbs.co.uk.