Press releases

Legal & General Mortgage Club announces residential exclusive with Leek Building Society

3 Feb 2023

Full press release

As of today, advisers looking to place business with Leek Building Society via Legal & General Mortgage Club will now benefit from access to an exclusive residential product.

The two-year fixed-rate product is available at 95% LTV and priced at 5.99%. Additionally, an early repayment charge of 2% applies in year one and a 1% charge in year two. The product facilitates the purchase of a new build property, a flat, or house, with a 5% deposit.

Its minimum residential loan size stands at £150,000, but mortgages can extend to loans of up to £500,000. The product includes a free valuation and has no completion fee. With its high LTV ratio, it is designed to help those with smaller deposits, such as many first-time buyers, onto the property ladder.

Please note, this exclusive product is only available to members of Legal & General Mortgage Club.

Danny Belton, Head of Lender Relationships, Legal & General Mortgage Club: “After the end of the Help to Buy scheme last year, the mortgage industry has had to find new ways to support first-time buyers and help them onto the property ladder. This competitively priced new product exclusive with Leek Building Society, offers first-time buyers the valuable opportunity to purchase a new-build property, a house, or a flat of their choice, with just a 5% deposit. This will allow advisers to help more new buyers make that important first step.”
Nikki Warren-Dean, Head of Intermediaries, Leek Building Society: “This is a fantastic, good news story to help customers get onto the housing ladder and what a great time to introduce this new 95% LTV initiative. Please speak to our BDMs to get more information but be mindful that these products have a restricted tranche size and may be withdrawn at short notice.”

Further information

Microsoftteams Image

Claire Byrd

Senior PR Manager

Legal & General Retail

Notes to editors

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.  

In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.

Established in 1863, the Society offers mortgages, savings, insurance and financial planning services nationwide. It has 12 branches across Cheshire, Derbyshire, Shropshire and Staffordshire and employs approximately 200 staff.

Registered Principal Office: 50 St. Edward Street, Leek, Staffs. ST13 5DL, Telephone: 01538 384151; Registered Number: 323B.

Leek Building Society is a trading name of Leek United Building Society, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority with firm reference number 100014. Our details can be found on the Financial Services Register at Leek United Building Society’s address for service is 50 St. Edward Street, Leek, Staffordshire ST13 5DL.