Leeds Building Society Equity Release And Lifetime Mortgage Review in 2024

Does Leeds Building Society Offer Equity Release? Discover if It Does and if It Is a Brand You Should Consider…Read On…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Leeds Building Society, established in 1875, is the UK’s fifth largest building society, known for various mortgage products.
  • The society does not offer equity release or lifetime mortgages but provides Retirement Interest-Only (RIO) mortgages as an alternative.
  • RIO mortgages from Leeds Building Society are available to homeowners aged 55 to 80, requiring monthly interest payments without a set end date.
  • These RIO mortgages have fixed interest rates, with a product fee of £999, excluding valuation and legal fees.
  • Advantages of Leeds Building Society's RIO mortgages include borrowing up to 55% property value and no minimum equity requirement, but monthly interest payments are mandatory.
  • Currently, equity release rates are between 5.20% to 6.30%*

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:

    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.

    Key Points on Equity Release

    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.

    Who Is Leeds Building Society?

    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.

    Why You Can 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 Services Does Leeds Building Society Offer?

    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.

    Does Leeds Building Society Offer Equity Release or Lifetime Mortgages?

    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.

    What Are Leeds Building Society’s Equity Release Alternatives’ Interest Rates?

    Leeds Building Society offers fixed interest rates of between 5.20% to 6.30%* (AER), depending on the fixed term.

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

    What Are Leeds Building Society’s Fees?

    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.

    What Are The Advantages and Disadvantages of Leeds Building Society?

    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:

    Leeds Building Society Pros

    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).

    Leeds Building Society Cons

    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.

    How Did We Review the Information on Leeds Building Society and Equity Release?

    We reviewed the information on Leeds Building Society by analysing the company, it's services, and it's customer reviews.

    NOTE: This article is an unaffiliated, independent, third-party, review of Leeds Building Society.

    Leeds Building Society Customer Reviews

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

    Look here:

    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.

    Leeds Building Society FCA Details

    Trading Names

    Leeds Building Society

    FCA Permitted Services

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

    Regulators

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

    Registration Numbers

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

    FCA and Companies House Link

    Leeds Building Society Contact Number and Address

    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?

    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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