Ipswich Building Society reintroduces products – including resi up to 85% LTV
Ipswich Building Society is reintroducing products within its standard residential, buy-to-let (including expat buy-to-let) and holiday let ranges.
This includes residential deals at 85% loan-to-value (LTV), as well as reinstating lending on properties worth over £1m, subject to maximum LTV and loan size.
Earlier in the year, the Society received a record number of applications and withdrew a number of products in order to maintain service levels.
Since then the Society has been monitoring inflows and market conditions, and has made the decision to re-enter with a select number of products in order to maintain a steady flow of applications.
Richard Norrington, CEO at Ipswich Building Society, said: “We’ve been keeping a keen eye on the market and taken careful consideration over the appropriate time to re-enter. It is important we introduce and maintain a suitable range of products which enable us to uphold our service standards.
“We’re particularly pleased to be offering 85% loan-to-value residential mortgage products as part of a stepped re-entry into the higher LTV market, with a view to returning to 90% lending in the future.
“We especially hope to be able to help first time buyers, many of whom have had their plans put on ice during the pandemic instead of realising their property-ownership dreams.”
All products are available to direct applicants in England and Wales and intermediaries either located in the Society’s heartland area or members of selected networks and clubs.