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LEGAL & GENERAL MORTGAGE CLUB EXTENDS PARTNERSHIP WITH IPSWICH BUILDING SOCIETY

06 February 2017

Ipswich

We are pleased to announce that the Mortgage Club has extended its partnership with Ipswich Building Society.

Ipswich Building Society will now be increasing its involvement in the New Build and Shared Ownership sectors. This will mean that all members of the Legal & General New Build Club will now have access to Ipswich Building Society’s products.

Ipswich Building Society originally partnered with the Mortgage Club in May 2015 and since then the regional lender has seen the value of net applications from advisors increase by 88% and the number of cases submitted increase by 53%

This extended partnership will allow the Ipswich Building Society to strengthen its relationship with intermediaries and take advantage of the expertise of the Mortgage Club members. This will then help guide the Ipswich customers through the increasingly intricate mortgage market.

Ipswich Building Society will lend on new build homes, self-build projects and will help those looking to get on the ladder through shared ownership.

New build lending criteria:

  • Up to 95% LTV on new build houses (loan up to £350,000)
  • Up to 90% LTV on new build houses (loan up to £750,000)
  • Up to 75% LTV on new build flats (Norfolk, Suffolk, London, Cambridgeshire, Hertfordshire & Essex –other areas ‘refer’ to lender)
  • Shared ownership purchases, up to 95% of share on houses and flats
  • Offers valid for 6 months
  • Maximum 40 year term
  • We will lend up to age 85 at the end of the mortgage term
  • We can accept up to 5% builders incentive (where applicant is also putting in at least 5% themselves)
     

Self-build lending:

  • We are ‘experts’ in this field and have dedicated resource on both the broker desk and underwriting team who focus on Self Build
  • We lend up to 75% LTV including lending on land
  • Maximum loan £500k, we will consider higher loan amounts - please refer above this
  • Stage Releases – no set stages, build to your schedule (each release £100 fee)
  • Available to self builds, renovations and rebuilds
  • Available on an interest only basis during the build.  Can be on interest only once completed and provided the case fits our Interest Only policy
  • Upon completion of the property, the product can be switched to one of our retention products available at that time, with no ERCs
  • Overpayments available up to 50% of the loan amount within product period
     

Shared ownership lending:

  • We lend up to 95% LTV (of the share) on houses and flats
  • Minimum share 50%, we will consider lower shares - please refer if lower
  • New build acceptable – including flats
  • Open Market Shared Ownership considered (on a scheme by scheme basis)

 With ALL products:

  • There is no credit score
  • Manual underwrite
  • And Ipswich Building Society lends ANYWHERE in England or Wales

Learn More About Ipswich Building Society

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