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Leeds & Holbeck makes £100 loan service pledge to IFAs

Leeds & Holbeck Building Society is making a £163;100 mortgage promise to intermediaries if it fails to deliver on service standards.

It has set a series of benchmarks which it must meet or IFAs can claim an additional fee of £163;100 on completion of the mortgage.

L&H says it made the promise after consultation with intermediaries who told the society what standards they would like to see from lenders.

The company is promising a faxed decision to lend wit hin 30 minutes, including full criteria check and credit search as soon as the decision in principle form is faxed to the society.

It will give acknowledgement of application and notify intermediaries of any outstanding items on the application the next working day.

An offer will be issued within two working days for applications from IFAs with introducer agreements with the lender and within seven working days for applications from other intermediaries for loans under 80 per cent LTV.

An offer will be issued within 10 working days for applications which are over 80 per cent LTV.

L&H says if it fails to meet any of these promises, it will make the £163;100 bonus payment to intermediaries.

Chief executive Ian Ward says: “We are able to make our mortgage promise bec ause we have listened to intermediaries and invested in our systems and processing to improve our service.

“Intermediaries are an important part of our business, and satisfied intermediaries mean satisfied customers for both of us.”

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