Ipswich Building Society expands ‘mortgage misfits’ range with new credit repair products
- Credit: Archant
Ipswich Building Society has launched a new “SOS” mortgage range to help home buyers improve their credit profile and regain access to the standard mortgage market.
The range involves three discounted deals, each of which includes a “credit repair guarantee” which pledges that borrowers who make all payments on time over the initial discount rate period can then transfer to any of the society’s standard mortgage retention products.
The new products build on the society’s manual underwriting processes, where every application is reviewed by a member of the team rather than relying on automatic computerised decision-making.
They are all available for purchase and remortgage, excluding first time buyers, with a £350,000 maximum loan amount. They are subject to the society’s usual 50% overpayment facility, where payments and redemptions in excess of this will be subject to a charge.
Richard Norrington, Ipswich Building Society chief executive, said: “This launch strengthens our commitment to tackling diversity in the mortgage market.
“Our manual approach to underwriting, at the heart of our mortgage business, provides the flexibility to consider applications from borrowers deemed to be ‘mortgage misfits’ by many other lenders.
“By offering a credit repair guarantee we are offering the opportunity for many people facing credit repair to get back on track.”