Leeds Building Society says it is extending its suspension of arrears fees until the end of 2021 “to support borrowers in financial difficulty”.

The UK’s fifth biggest mutual adds it hopes chancellor Rishi Sunak’s Budget on Wednesday would offer “greater certainty over the extent and duration of financial support including the furlough scheme and stamp duty holiday, almost a year since the government began to introduce emergency measures to aid the economy”.

The chancellor is “preparing a budget that provides support for people and businesses and families through the remaining stages of this crisis” he told the BBC’s Andrew Marr programme on Sunday.

The government’s furlough scheme supports around 4.7 million people and is due to finish at the end of April.

Leeds Building Society first waived arrears fees a year ago, among other support for borrowers.

It created a coronavirus hub on its website with the latest information for members seeking help, expanded its phone-inquiry team, offered greater help with mortgage payment deferrals and agreed not to seek property possessions.

Leeds Building Society chief customer officer Jaedon Green says: “We know this remains a worrying time for many people and ongoing economic uncertainty is likely to affect the job security and finances of much of the population for some months to come.”

Green adds: “Suspending our arrears fees for the rest of this year is one way we can support borrowers in financial difficulties as we work with our members to keep them in their homes.”