Leek United Agreement In Principle

The company was founded on January 1, 1863 as the Leek United Permanent Benefit Building Society under the slogan “Firm and Lasting (as the pyramids)”. The nascent mortgage company movement in the mid-nineteenth century saw hundreds of local savings and credit organizations opened throughout the country, and by the time Leek United was founded, there were nearly 3,000 mortgage companies. Today, “the friendlier face of finance” is one of the country`s oldest surviving independent mutualities. Until 1883, the company had a total estate of £90,000, reserves of £5,000 and membership of £1,328. In 1919 it changed its name to Leek United & Midlands Building Society and to Leek United Building Society in 1990. Unlike many other mortgage companies in the UK, Leek United has never grown through acquisitions or mergers. In 1999, Leek United was the target of a hostile takeover bid by Murray Financial Corporation, an Edinburgh-based financial group, which made a £30.5 million offer to the company. It was a time when carpets were widespread and the remaining UK mortgage companies were forced to fight for survival, opportunists tried to deprive them of their mutual status and turn them into plc banks. Although Leek United`s board of directors rejected Murray Financial`s offer, Murray secured the agreement of 100 members of the company to call a special general meeting to review the offer. It has been estimated that each of Leek United`s 60,000 members could win an £800 windfall from the sale of the company.

However, the offer failed when members of the company turned down the offer in a nearly three-to-one ratio. Leek United remains committed to the principles of reciprocity and serves the interests and needs of its members instead of paying dividends to outside shareholders. In 2013, Leek United celebrated 150 years of existence and reached a new milestone in 2017, when the company`s fortune exceeded £1 billion for the first time in its history. [2] A mortgage is a long-term loan (usually 25 to 40 years) taken out from a bank or mortgage company to buy a house or other real estate. If you do not make the necessary monthly repayments, the lender can take you to court to obtain an order to re-arrange the property. You can do this because you agree to give the property as collateral for the loan if you sign the mortgage agreement. This is an affordable price criterion prior to the submission of the application and is not a decision in principle. ** We review each application individually, if you need a mortgage term until retirement or beyond: Please call us on 0808 169 6680 or send an email directsales@leekunited.co.uk By operation of law, the mortgage should be binding, but some lenders write to borrowers to confirm that circumstances like a pay cut or payment have not changed…