Leeds Building Society has launched a £200 cashback offer for existing mortgage customers completing a product transfer, as it looks to support borrower retention and encourage engagement ahead of fixed-rate deals coming to an end.
The mutual said the initiative is designed to reward customer loyalty while helping brokers reconnect with clients whose current mortgage products are approaching maturity.
Leeds Building Society said many borrowers fail to review their mortgage arrangements when their fixed-rate term ends, potentially resulting in higher monthly repayments. The lender believes the cashback incentive will encourage more customers to take action and review their options.
Matt Bartle, director of products at Leeds Building Society, said: “We are pleased to be able to reward loyalty amongst our mortgage members by offering £200 cashback when they make a product transfer with us.
“As a mutual, our members are at the heart of every decision we make, and this new initiative will help our mortgage holders to take control of their borrowing.
“Some homeowners may have lost track of when their current product term is ending, and we hope this will prompt people to review their mortgage, so they aren’t left paying more than they need to.
“The £200 cashback will come as a welcome reward for any borrowers who are ready to transfer their mortgage and boost their bank balance this summer.”
The lender said brokers remain central to the product transfer process, helping customers assess their options and avoid drifting onto higher rates once an existing deal expires.
Martese Carton, director of mortgage distribution at Leeds Building Society, added: “Brokers play a vital role advising customers and ensuring that they get the right mortgage product for their changing needs.
“Our new cashback recognises both the value of professional advice and the loyalty of customers who choose to stay with us through their broker relationship.
“It also highlights how lenders and brokers can continue to work together to achieve the best possible outcome for the customer.”
The £200 cashback offer is available on residential and buy-to-let product transfers, including customers in negative equity and those switching onto one-year products. Limited company buy-to-let transactions are excluded.
Leeds Building Society said the initiative reflects its ongoing commitment to supporting both residential borrowers and landlord customers through its intermediary distribution channel.
