Ipswich Building Society to continue its support for ‘mortgage misfits’
- Credit: Archant
Ipswich Building Society has reaffirmed its commitment to support so-called “mortgage misfits” – people who don’t match the standard criteria of many bigger lenders.
Speaking at the society’s annual general meeting, held at Trinity Park, Ipswich, chief executive Paul Winter said the approach was proving a success, by meeting a need in the market place without having an negative impact on arrears levels.
“Our mission is to enable people to have a home of their own, so we look at the best ways of achieving this aim,” Mr Winter told the audience of around 200 members at the event.
“That means treating applicants as individuals with their own specific needs. Our Mortgage Misfits campaign was acknowledged on a national level as being one that was innovative and necessary.
“People’s lives don’t fit into neat boxes that can be assessed by computer programmes.
You may also want to watch:
“We have a highly experienced underwriting team who can judge the crucial ability of a potential borrower to pay their mortgage. We must be getting it right as our mortgage arrears figures are below national averages and are continuing to fall.”
Society chairman Sarah Evans said 70% of the society’s lending last year was to to people buying a home in East Anglia and 93% would be classed as “prime residential lending”. “In summary, we are able to lend money to good quality borrowers, many of whom are in our local area – an area we know well,” she added.
- 1 Suffolk school goes viral after teachers post TikTok dance
- 2 Man in 40s dies following A12 crash
- 3 'People might think I'm crocked now... but I fully back myself' - Norwood determined to make his mark
- 4 'He nearly ruined my club' - Bent on former Ipswich boss Lambert
- 5 Siegrist and Amos leading targets as Town step up hunt for new No.1
- 6 Man dies following stabbing in Bury St Edmunds
- 7 25 of the best cafes for outdoor dining in Suffolk
- 8 Off-duty PC caught speeding on A14
- 9 A12 re-opens after man seriously hurt in two-car crash
- 10 Mum 'shocked' to be given car park fine while breastfeeding child
Guest speaker at the meeting was Dr Suzannah Lipscomb, the presenter of BBC4’s Hidden Killers series and Channel 5’s Witch Hunt: A Century of Murder, who talked about the importance of understanding history and what it teach us.
As previously reported, the society reported a reduced profit of £1.9million for 2015, down to £3.8m in 2014, following a year in which is largely focused on IT investment. However, it actively returned to the mortgage market in the second half of last year.