Suffolk: Record-breaking month for Ipswich Building Society’s mortgage lending

IPSWICH Building Society has announced a record-breaking month for mortgage business in March, breaking two of its lending records

The society achieved a record number of mortgage applications throughout the month, with more than �29million gross applications received, while its existing mortgage balances grew by more than �10m.

The success mirrors an upturn in the wider building societies sector with mortgage approval levels increasing by 29% since the start of the year.

Paul Winter, chief executive at Ipswich Building Society, said “To increase our mortgage balance by so much in one month is a record for the society.

“We believe our success is driven by the way in which members are treated, which is doing all the things the big lender can’t do- we treat members as individuals, not just numbers. We listen to their needs and offer them expert knowledge delivered in a friendly way.”

More than 20% of the new applications last month were from first time buyers either buying their home through a residential purchase, or through a shared ownership scheme.

Mr Winter added: “The society is here to help people buy their homes; it is a simple proposition and one that is clearly working.

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“By lending to first time buyers we are helping to keep the local property market moving which is essential to the regional economy. Suffolk has continued to thrive despite the gloomy economic outlook and we hope to help keep that momentum.”

The Ipswich offers a range of the mortgage products not only for those starting out on the property ladder, but those who wish to move, remortgage or even build their own home.

Mr Winter said: “Nobody really wants a mortgage. What they want is a home for their families; the mortgage is a means to an end. I am proud that the society is able to help more people than ever achieve their goals.”