The move sees clients of L&C Mortgages provide access to their financial records, which shows regular income and outgoing payments, in place of gathering and submitting bank statements.  

The data is provided on Experian’s open banking platform. 

The firms say: “The process has now been adopted as routine procedure in applications between Leeds and L&C, freeing up time for brokers and clients.  

“The learnings from this pilot are due to be rolled out to more of the society’s intermediary partners.” 

Leeds Building Society head of intermediary partnerships James O’Reilly adds: “This pilot scheme has allowed us to reduce steps in the mortgage application and make life easier for brokers and their clients. 

L&C Mortgages associate director David Hollingworth says: “The close collaboration between Leeds Building Society and our team has clearly demonstrated that the use of open banking can be integrated seamlessly into the standard process.  

“The simple and straightforward approach reduces the amount of documentation required and ultimately speeds things up for both us and the customer.” 

Experian UK&I chief product officer, consumer information services & verifications Lucas Lopes points out: “This pilot shows the tangible impact of industry collaboration, digital innovation, and enriched data in providing smarter, faster, and fairer decision-making.  

“It’s encouraging to see meaningful progress, and we’re eager to build on these early results to bring even greater value to consumers.”