Ipswich Building Society has updated its residential mortgage range with a number of changes to its shared ownership products and the introduction of a new ex-Help to Buy remortgage offering. The refresh is aimed at opening up more choice in the mortgage marketplace, particularly for first-time buyers.
With the average price for a detached house in England now at £369,380*, Ipswich Building Society has increased the maximum loan size for its standard 90% and 95% Loan To Value (LTV) products from £350,000 to £500,000. The Society will continue to offer its specialist ‘large loan’ product for applicants seeking loans ranging from £500,000 to £750,000.
Shared ownership products are now application and completion fee-free across the board, while the minimum loan amount has been reduced from £100,000 to £50,000. Loans are available up to 95% of the share with a maximum loan amount of £350,000.
Almost five years on from the launch of Help to Buy, the Society will also assist Help to Buy re-mortgagers looking to graduate onto a standard mortgage product. All standard remortgage products will be available to Help to Buy applicants, at up to 95% LTV, and the Society’s standard mortgage assessment and affordability calculation, through its manual underwriting process, will apply.
Commenting on the refresh, Richard Norrington, CEO, Ipswich Building Society, said: “Through our commitment to seeing diversity in mortgage lending, we have made changes to our residential mortgage offer to further support home buyers, specifically those purchasing for the first time.
We are pleased that we can help borrowers moving away from a Help to Buy mortgage and through our expert manual underwriting we’ll continue to specialise in real mortgages for real people, who have unusual or complex occupations and find themselves categorised as ‘mortgage misfits’, otherwise ignored by other high-street lenders.”