Ipswich Building Society loosens affordability criteria

Mortgage Introducer

August 30, 2018

Ipswich Building Society has started taking 75% of customers’ investment income into account where applicable when calculating mortgage affordability.

It will also no longer deduct expenditure relating to pension contributions, whether standalone or deducted at source.

Richard Norrington, chief executive at Ipswich Building Society, said: “We recognise that borrowers’ needs are increasingly complex.

“We are continually looking at new ways to improve our offering and are pleased to share these changes to our lending criteria, increasing accessibility for applicants with investment income and those who are paying into their pensions.

“By employing expert manual underwriting, we can assess each case individually and on its own merits, and by taking personal circumstances into account, we can get a true picture of the circumstances of each applicant rather than relying on automated computer processes and credit scoring.”

Other acceptable income sources for Ipswich include 100% of private and state pension, maintenance payments and tax credits.

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