Added: 18 February 2015
Ipswich Building Society overhauls its mortgage range to feature new fixed, discount and shared ownership deals
Return to the market for the lender which promises 'mortgage inclusion'
Ipswich Building Society has announced the revamp of its mortgage range, introducing five new deals with immediate effect. Available direct and through selected brokers, the launch follows a major IT upgrade carried out successfully by the Society in 2014 when it held back on the mortgage market as resources were diverted away.
A two year fixed product at 3.09%, up to 90% LTV (5.2% APR), and a four year fixed rate at 3.69%, up to 90% LTV (5.0% APR), are available for purchase and remortgage.
A two year fixed product at 4.59%, up to 95% LTV (5.5% APR), and a two year discount rate, currently 2.49%, up to 90% LTV (5.1% APR), add to the range and the appeal of the lender, particularly for first-time buyers.
A new shared ownership product, fixed at 4.99% (5.6% APR) for two years at up to 95% LTV purchase of the share, and a two year self-build discounted product (currently 4.99%) for purchases up to 75% LTV (5.7% APR), complement the range.
As in all cases of mortgage applications, Ipswich Building Society will apply its manual underwriting process to give a fair assessment of affordability. An alternative to the 'computer says no' approach of some high street lenders, the Society will consider the case of those it classes as 'mortgage misfits', including self-builders, older generations and the self-employed. All products will in addition be available under the Society's recently launched transitional lending programme, designed for those overlooked by lenders as a result of MMR.
Paul Winter, CEO of Ipswich Building Society, commented on the new product range: "We're back in the market with a confident and competitive set of products designed to offer choice to home-buyers of all shapes and sizes, including mortgage misfits who don't always comply with the norm.
"It is possible to still give people a choice when it comes to mortgages while retaining a diligent approach to lending. As a mutual we will always operate in the best interest of our members, providing products with broad appeal and increasing access to home ownership. Everyone deserves the right to a roof over their head.
"This new product range follows a successful period of introducing a major IT upgrade which meant that we had to divert resources away from selling and into managing the project and maintaining our high levels of customer service."
Borrowers can access more information about Ipswich Building Society's new mortgage range at http://www.ibs.co.uk/mortgages/products or by calling 0330 123 0773.