Ipswich BS revamps “mortgage misfits” range

Ipswich Building Society has reviewed its mortgage range and is introducing six new deals with immediate effect.

It aims to continue its support for what it calls “mortgage misfits”, which include first-time buyers, those in search of larger mortgage loans and shared ownership borrowers.

The new product range is available direct and through selected brokers.

The Ipswich range includes a two-year fixed product at 4.39% up to 95% LTV with a 50% overpayment facility.

It also includes a two-year discount rate product at 3.79%, up to 95% LTV with unlimited overpayments. 

Ipswich said these products will be of broad appeal but will be of particular interest to first-time buyers. 

It is also launching a two-year discount rate charging 3.59% to 90% LTV up to a maximum value of £750,000 with unlimited overpayments, fee-assisted legals and free valuations for remortgages. 

A two-year fixed rate at 3.95%, up to 90% LTV is also available up to a maximum value of £750,000 with a 50% overpayment facility, and fee assisted legals and free valuations for remortgages. 

Both of these large loan products are available for purchase or remortgage.

Ipswich has also launched two affordable home loan products for shared ownership: a two-year fixed rate at 4.99% up to 95% LTV with a 50% overpayment facility and a two-year discount rate at 4.49%, up to 95% LTV with unlimited overpayments. 

Both products are available for purchase only.

Ipswich Building Society will apply its manual underwriting process to give a fair assessment of affordability, which it claims is an alternative to the ‘computer says no’ approach of some high street lenders.

Chief executive Paul Winter said: “We’re continuing to offer choice to home-buyers of all shapes and sizes, including mortgage misfits who are often overlooked by other banks and building societies. 

“Both the low deposit and affordable home loan (shared ownership) products have been created with aspiring younger home-owners with low deposit savings but acceptable levels of affordability in mind.

“Furthermore, we have introduced two large loan products in response to requests from intermediaries to meet the needs of borrowers seeking larger mortgage products.”