Ipswich Building Society has resumed lending for new purchases, including up to 90% (loan-to-value) LTV for standard residential.
The society will now be accepting cases for residential (including later life), buy-to-let (BTL), self-build, expat and holiday
Richard Norrington, CEO at Ipswich Building Society, said: “During the early stages of the restrictions associated with COVID-19, we made a series of changes to our lending criteria to reflect our capacity, the challenges around undertaking valuations, and to limit our risk exposure.
“Alongside being able to resume purchase cases, we have made other operational changes which will allow us to proceed with a broader range of applications, as well as continuing to welcome cases from intermediaries with self-employed and furloughed clients.”
Standard residential purchase cases and remortgages will now be considered up to 90% LTV with a maximum loan size of £500k.
For loans up to £750k the LTV is 80%.
BTL purchases and BTL remortgage cases will also be considered up to 80% LTV. Maximum loan size is £500k.
Self build cases will be considered up to 80% LTV. Maximum loan size £750k.
Norrington added: “Our entire industry is operating in uncharted waters at the moment but we understand how important it is to get people moving home and remortgaging again.
“We’re assessing the situation on a daily basis so that we are able to offer brokers the confidence and reassurance that they
and their clients need.
“Our underwriters are ready to assess each case on a manual underwriting basis, which is incredibly important for many applicants in these financially uncertain times.”