Can You Get Equity Release With Leeds Building Society?

Leeds Building Society offers great choices for over-55s looking for mortgages and savings accounts, but it doesn't offer equity release. It's known for its helpful service and smart options that help members reach their money goals in alternative ways.
  • Last Updated: 08 May 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
Does Leeds Building Society Offer Equity Release? Discover if It Does and if It Is a Brand You Should Consider...Read On...
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Key Takeaways
  • Leeds Building Society does not offer equity release but has a range of mortgage products and savings accounts suitable for retirees, including remortgaging or downsizing to manage retirement finances.
  • Evaluate their savings products as a potential income source during retirement.
  • For equity release options like lifetime mortgages or home reversion plans, consider consulting specialised providers or getting advice from Leeds experts on where to begin looking.

Are you curious if Leeds Building Society offers equity release plans?

Choosing the right equity release provider is a crucial step for the increasing number of people who want to access the equity in their home.

Leeds Building Society is one of the largest building societies in the UK.

But does it offer equity release?

We have taken some of the guesswork out for you.

In This Article, You Will Discover:

    We are constantly reviewing the equity release sector, to bring you the most up-to-date information available on equity release.

    Therefore:

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    • Who offers the LOWEST rates available on the market.
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    • If you qualify for equity release.
    Leeds Building Society Equity Release

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Leeds Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Leeds Building Society.

    What Is Leeds Building Society and What Can You Expect from Their Services?

    Leeds Building Society is a trusted financial institution offering a wide array of services including mortgages and savings.

    Who Exactly Is Leeds Building Society and What Do They Offer?

    Leeds Building Society is the UK’s fifth largest building society. It offers a range of mortgage products to cater for individual retirement or saving needs.1

    Originally formed as a mutual, Leeds Building Society has helped UK communities save and borrow since 1845.

    In 1875, it was formally established as the Leeds and Holbeck (Permanent) Building Society, offering both deposit accounts and mortgages, and in 2005 changed it’s name to Leeds Building Society.2

    Leeds Building Society was the first national high street lender to launch a range of Retirement Interest-Only (RIO) mortgages in 2018.

    What Range of Services Does Leeds Building Society Provide?

    Leeds Building Society offers a range of two to fifteen-year fixed-rate RIO mortgages.

    Aimed at older homeowners aged 55 to 80 years, RIO mortgages are interest-only mortgages with no set end date.

    Specifically designed to allow homeowners to use the sale of their home to repay their mortgage balance either on death or when the last surviving partner moves into care.

    The Leeds Building Society RIO mortgage does not allow interest roll-up. 3

    The homeowner is required to make monthly interest payments for the life of the mortgage.

    What Does Equity Release Mean?

    Homeowners aged 55+ can utilize equity release to access the value in their homes as cash.

    This process allows for the conversion of a portion of their property’s equity into accessible funds.

    The unique aspect of this financial strategy is its repayment schedule; the loan and interest are repaid from the property’s sale, typically following significant changes in the homeowner’s life circumstances.

    Is Equity Release or Lifetime Mortgage Available Through Leeds Building Society?

    No, Leeds Building Society does not offer equity release and can therefore not be considered one of equity release’s best companies.

    It offers RIO mortgages as an alternative to equity release.

    Why Should You Consider Leeds Building Society?

    You can consider Leeds Building Society as it is the UK’s fifth largest building society. It has 65 branches across the UK, with 29 ‌in Yorkshire.

    It offers a range of mortgages for those approaching or already in retirement, giving later-life clients more lending options.

    What Unique Financial Solutions Does Leeds Building Society Offer?

    The society provides unique solutions like buy-to-let and retirement interest-only mortgages, catering to diverse financial needs.

    What Unique Solutions Does Leeds Building Society Provide?

    One of their notable offerings is the ability to make voluntary repayments on lifetime mortgages, allowing borrowers to manage the loan’s growth.

    Additionally, they offer a fixed early repayment charge, providing clarity and predictability for customers.

    Their products are designed with a customer-first approach, ensuring that homeowners have control over their financial decisions while benefiting from the equity locked in their homes.

    Does Leeds Building Society Offer Buy-to-Let Options?

    Leeds Building Society, a stalwart in the UK’s financial landscape, extends its diverse mortgage offerings to include buy-to-let options, catering to investors and landlords.

    Their buy-to-let mortgages are designed for those looking to invest in rental property, offering competitive rates and terms.

    However, it’s crucial for potential borrowers to distinguish these from equity release products, which are typically reserved for personal residential properties.

    What Are Leeds Building Society’s Retirement Interest-Only Mortgage Options?

    Leeds Building Society provides Retirement Interest-Only (RIO) mortgages, a financial product tailored for older borrowers.

    These mortgages allow retirees to pay interest monthly without reducing the principal balance, offering a solution to manage finances in later life.

    The loan is typically repaid from the sale of the home when the borrower moves into long-term care or passes away.

    RIO mortgages from Leeds Building Society offer a way for retirees to remain in their homes while accessing equity, without the compounding interest feature of traditional equity release products.

    How Can Leeds Building Society’s Advisers Assist You?

    Leeds Building Society’s advisers offer tailored financial guidance to help you navigate mortgage and savings decisions with confidence.

    How Can a Lifetime Mortgage Adviser in Leeds Help With Leeds Building Society’s Products?

    A lifetime mortgage adviser in Leeds plays a pivotal role in guiding homeowners through the nuances of equity release.

    Specializing in Leeds Building Society’s products, these advisers provide crucial insights into the options available, ensuring clients make informed decisions.

    They assess individual financial situations, explain the implications of different equity release schemes, and help navigate the application process.

    With an adviser’s expertise, homeowners can tailor Leeds Building Society’s offerings to their unique needs, maximizing benefits while mitigating risks.

    What Are the Pros and Cons of Choosing Leeds Building Society for Equity Release?

    The advantages of using Leeds Building Society as an RIO mortgage provider include that it is the UK’s fifth largest building society.

    The disadvantages of using it as an RIO mortgage provider include having to make monthly interest payments

    More information:

    Advantages of Leeds Building Society Equity Release

    The pros of an RIO with Leeds Building Society are:

    • You can borrow up to 55% of the value of the property (LTV).
    • You can use the money to fund later lifestyle choices or retirement planning.
    • No minimum equity is required.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).

    Disadvantages of Leeds Building Society Equity Release

    The cons of an RIO with Leeds Building Society are:

    • You will need to make monthly interest payments for the lifetime of the mortgage.
    • You will need to show lifetime affordability through an assessment of current and future income.
    • You could lose your property if your circumstances change and you are unable to make monthly interest payments.

    What Should You Know About Leeds Building Society’s Costs?

    Understanding the interest rates and fees is crucial for anyone considering Leeds Building Society.

    What Are the Interest Rates for Leeds Building Society?

    Leeds Building Society offers fixed interest rates of between 5.25% to 6.30%* (AER), depending on the fixed term.

    *While we regularly review our rates, these may have changed since our last update.

    What Fees Are Associated with Leeds Building Society?

    Leeds Building Society charges a product fee of £999 for their RIO mortgages besides valuation and legal fees.

    Does Leeds Building Society Have an Equity Release Calculator?

    No, Leeds Building Society does not have an equity release calculator.

    Why not try our easy-to-use calculator for an approximation? We can help you find the options that are best suited for you and your family.

    How Does Leeds Building Society Stand Out in the Market?

    With competitive products and stellar customer service, Leeds Building Society holds a strong position in the market.

    Where Does Leeds Building Society Rank Among the Best Companies in the Market?

    Leeds Building Society holds a reputable position in the UK’s market, renowned for its customer-centric approach and competitive products.

    While not exclusively an equity release provider, the Society’s offerings in this sector are notable for their flexibility and security.

    Industry comparisons typically place Leeds Building Society favorably among peers, especially in terms of interest rates, product options, and customer service.

    However, rankings can vary based on individual needs and market conditions, emphasizing the importance of personalized advice.

    Analyzing Customer Reviews of Leeds Building Society

    Leeds Building Society customer reviews can be found on popular sites such as Trustpilot and UK Indeed.

    Look here:

    Understanding Leeds Building Society Complaints

    If you are unhappy with Leeds Building Society and want to make a complaint, you can go to it’s website or write to:

    27, Sovereign Street, Leeds, West Yorkshire, LS1 4BJ, UK.

    Alternatively, use a review site like Trustpilot4 or Feefo5 to leave a review.

    Who Are the Affiliates and Partners of Leeds Building Society?

    Leeds Building Society collaborates with various partners and affiliates to enhance its service offerings and reach.

    These partnerships range from financial advisory services to insurance providers, ensuring a comprehensive suite of services for members.

    Such collaborations enable the Society to offer specialized products, like insurance tailored to mortgage holders or investment advice for savers.

    By aligning with organizations that share a commitment to customer service and innovation, Leeds Building Society strengthens its position as a trusted financial institution.

    Leeds Building Society’s Regulatory Information and FCA Details

    Leeds Building Society is fully regulated by the FCA, ensuring transparent and secure financial services for its members.

    Known Trading Names of Leeds Building Society

    Leeds Building Society

    Leeds Building Society’s Services Approved by FCA

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Consumer Credit
    • Pensions
    • Investments
    • Other services

    Regulatory Authorities Overseeing Leeds Building Society

    • Financial Conduct Authority (FCA)6 
    • Prudential Regulation Authority (PRA)7

    Registration and Identification Numbers for Leeds Building Society

    • FCA Ref Number: 164992
    • Mutuals Reg Number: 320B

    Links to FCA and Companies House for Leeds Building Society

    How to Contact Leeds Building Society for Queries

    Leeds Building Society’s contact details are:

    • +44 034 5050 5075
    • 26, Sovereign Street, Leeds, West Yorkshire, LS1 4BJ.

    Common Questions

    Is Leeds Building Society a Member of the Equity Release Council?

    Who Owns Leeds Building Society?

    Where Can I Find Leeds Building Society Jobs?

    Does Leeds Building Society Offer Equity Release?

    Is Leeds Building Society’s Equity Release Alternatives Safe?

    What Is Leeds Building Society's Scheme?

    How Does Equity Release Work?

    Can I Qualify for Equity Release at My Age?

    What Are the Interest Rates for Equity Release?

    In Conclusion

    Leeds Building Society is the UK’s fifth largest building society, formally established in 1875.

    It does not offer equity release. Instead, it offers those between the ages of 55 and 80 an alternative to equity release, an RIO.

    Leeds Building Society’s RIO is an interest-only mortgage that allows those approaching or in retirement the chance to release up to 55% of the equity from their property.

    Leeds Building Society is safe, as they are authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). 

    If you are looking for a way to protect a portion of your inheritance, you could discuss Leeds Building Society with your financial adviser.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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