Ipswich Building Society aiming to help more first-time buyers

Richard Norrington, Ipswich Building Society chief executive.

Richard Norrington, Ipswich Building Society chief executive. - Credit: Archant

Ipswich Building Society is targeting first-time buyers with a series of additions to its mortgage range, including assistance for Help to Buy purchasers in graduating to standard products.

The society has increased the maximum loan size for its standard 90% and 95% loan-to-value (LTV) products, from £350,000 to £500,000, with a specialist “large loan” product covering applicants seeking loans ranging from £500,000 to £750,000.

All of its standard remortgage products will be available to Help to Buy applicants, at a ratio of up to 95% loan-to-value (LTV).

And the minimum loan amount on the society’s shared ownership products has been reduced from £100,000 to £50,000, with loans available for up to 95% of the share, subject to a maximum of £350,000.

Chief executive Richard Norrington 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.”