According to the UK’s fifth largest reciprocity, the deal builds on an existing relationship with the data body and also uses analysis from environmental research groups Ambiental and Terrafirma.
It adds that the move will give the company a “better understanding of the impact of climate change on its mortgage portfolio” and help the building society comply with ongoing Bank of England regulations.
The mutuality had assets of £ 20.6 billion at the end of last year. Hometrack offers over 85 million automated property valuations annually, covering 17 of the UK’s 20 largest lenders.
The group adds, “Hometrack’s Risk Insights will also assess how climate change risk is likely to evolve over time in the Leeds Building Society portfolio, which will ultimately help the reciprocity better understand the potential impacts of climate change risk. “
It also said the data will feed into new mortgage lending guidelines “that will allow society to incorporate key climate change metrics into its future mortgage lending strategy.”
Andrew Mellor, Leeds Building Society’s Risk Director, said: “We are excited to build on our existing relationship with Hometrack, which has enabled society to gain invaluable insight into the emerging effects of climate change on our business and to help shape our climate risk management framework and response plans. “
George Robbins, Hometrack’s Vice President Commercial, added, “The Leeds Building Society recognizes the need to better understand the potential impacts of climate change as soon as possible, and we will guide society through increasing regulation support this area.
“We look forward to building on our existing relationship and delivering streamlined, in-depth analysis that enables society to understand, track and minimize the threats posed by climate change – both now and in the future.”