We’re celebrating our 150th anniversary this year and it’s an exciting time to take up the role of Chair. What interested you in the role and attracted you to the Society?

“I believe that business should be a force for good and I choose to always work with organisations that have a clear purpose. The Society is very clear about its purpose, and that shows up every day in conversations I have, whether that’s in the boardroom or in the corridor. I feel honoured to be part of an organisation that really thinks about what’s best for members, both strategically and in pursuit of its purpose, and I will continue to ensure the decisions we make are underpinned by that.

Leeds Building Society is a national business, but in our 150th year it’s important to reflect on our origins. I have a personal connection to Leeds; my mother was born here, and I’ve been a regular visitor to the city throughout my life. I’ve seen it change a lot in that time and become the vibrant, multicultural city that it is today, but I’m proud that the Society continues to serve the communities in which it was founded, both commercially and through its charity partnerships, alongside its national success.” - Brendan

What does our 150th anniversary mean to you?

“Our purpose has remained fundamentally unchanged since we were founded in 1875, when a group of people in Leeds came together to help people onto the property ladder. It’s hard to believe now, but we were helping people onto the property ladder before the invention of the telephone and the lightbulb! It’s a real privilege for me to be leading an organisation with a purpose that is as relevant today as it was 150 years ago. Not many organisations can say that they are still doing what their founders set out to do.” - Richard

In the current climate, our purpose has never been more important, particularly when it comes to supporting first time buyers. How did we do that throughout 2024?

“As I mentioned earlier, we supported over 17,600 first time buyers into home ownership last year. Our Income Plus mortgage range, launched in December, means first time buyers may be able to borrow up to 5.5 times their salary, to help them buy a property when they may otherwise have been unable to.

We’ve continued our partnership with Experian, allowing people to ‘boost’ their credit scores through assessing the last 12 months of payments, such as council tax and subscriptions to streaming services. 64% of people that used that service last year were first time buyers, which demonstrates how important the partnership is.

In terms of savings, our Home Deposit Saver account continues to be an important part of supporting members to purchase their own home and we saw a 79% increase in openings of this account last year.” - Richard

How did we support our savings members last year?

“Our savings members are incredibly important to our business and as a mutual we can offer them a combination of attractive rates and excellent customer support, both online and in our branches. We paid an average savings rate of 4.13% – 0.79% higher than the rest of the market average, which works out as £175 million in extra interest for our savings members†. This is an all-time high for us, up from £110 million in 2023.

I’m pleased to see this reflected in our overall member satisfaction scores, which reached 94% in 2024, and our Trustpilot rating of 4.7. Our savings balances grew 18% last year, reaching record-breaking levels, which is a clear sign that we’re continuing to provide our savings members with great value.” - Richard

We opened our 51st branch in 2024 in Solihull. What does our branch network mean to you and to our members?

“As I mentioned, the customer service provided in our branches is a real asset to our organisation, and we remain deeply committed to them. We invested significantly in our branch network in 2024, renovating and relocating branches in Gloucester and Stevenage and opening our 51st branch in Solihull, in the West Midlands.

Opening a new branch was a real highlight of last year for me. I know from speaking to members that they are a key part of why many people choose to join us. We’ll continue to invest in our branch network in 2025 to demonstrate the value that our Society can offer members.” - Richard

As a mutual, it’s important that we have a positive impact on the world around us and live up to our purpose. How did we do this in 2024 and how will we continue to do this in our 150th year?

“It was unaffordable to get onto the housing ladder when we were first established in 1875, and unfortunately it remains unaffordable today. Thoughtfulness around what is in our members’ best interest, strategically and in pursuit of our purpose, underpins everything that we do, and we recognise that people need help. As Richard has mentioned, we're doing a lot to support those who may otherwise struggle to get onto the housing ladder, as well as ensuring we continue to invest in our branch network and customer service more broadly.

Last year we awarded over a million pounds to good causes, including supporting over 240 charities and community groups and raising over £130,000 for our charity partner Barnardo’s. In 2025 we’ll continue to support charities that help people in need of a safe and secure home, including young people leaving the care system through our partnership with Barnardo’s. It’s also important that in our 150th year we continue to give back to the communities in which we were founded all those years ago, and we’ll continue to work closely with grassroots organisations in our local area to do so.” - Brendan

Are we making progress on our journey towards net zero?

“Climate change is one of the defining issues of our age. As a mutual, we have a responsibility to promote and action sustainable business practices and we’re doing a great deal of work in this area. In 2024 we continued taking steps to reduce our emissions by starting a multi-year branch refurbishment programme to improve the energy efficiency of the buildings, as well as installing solar panels at our Leeds city centre branch.

We were proud to be one of the first lenders to use a property’s Energy Performance Certificate (EPC) rating in its affordability calculations. This meant we could offer new build properties with an A or B rating an increase in the maximum loan amount. This is something we’ll continue to offer our members. We’re also continuing our work with Keepmoat Homes on their Future Homes project, allowing us to learn more about the reduced running costs of more energy efficient homes, which can be factored into mortgage affordability.” - Richard

How have we made progress on inclusion and diversity?

“It’s important to me that the Society is an inclusive workplace and that as an organisation we reflect the diversity of our membership. We are continuing to support colleagues from diverse backgrounds to progress into leadership roles through mentoring schemes and development programmes to ensure that Leeds Building Society is a place where colleagues feel they belong, where they can be themselves, and where they feel valued for what they bring to the table. Our overall inclusion and diversity colleague score reflects this, at 9.0 out of 10, placing us in the top 10% of financial sector employers.” - Richard

What was your proudest moment of 2024?

“It’s always hard to choose a specific moment, but it was fantastic to end the year by opening our 51st branch in Solihull in December. Being able to talk to members and colleagues about the difference the branch can make to the local community was an inspiring moment, and I am looking forward to seeing the impact that it will have. It was also great to meet Santa in the branch ahead of Christmas Day – my son was over the moon about that!” - Richard

What’s your message to members for 2025?

“As I look ahead, I want to thank Iain Cornish for his time as Chair. Iain made an invaluable contribution to the Society and the continued progress we made under his leadership of the board speaks to his dedication and experience. I am looking forward to working with colleagues across the business to build on this success. I’d also like to thank Gareth Hoskin, who will step down from the board at the end of March, after over nine years, for his exceptional contribution to the Society.

We understand that the world we are living in is unpredictable, and with that financial security matters more than ever. I want to assure our members that we’re here for them and that they can rely on the Society’s financial strength and strong and reliable service, both in our branches and online. We are a sustainable and secure business and will continue to invest in our IT transformation programme into 2025, which will futureproof our systems for years to come.

Thank you to all members for their ongoing trust and confidence.” - Brendan.