"We anticipate strong price competition in mortgages as well as savings in the near future."
Intermediary partners accounted for 90% of mortgage business and the Society says it has embarked on a programme of widening availability through networks and clubs.
Despite rising mortgage completions, there was a reduction in the size of Ipswich's mortgage book in 2019 due to a "high number of planned, low margin redemptions" which the Society says will enable it to focus on a high quality, low risk mortgage book.
The Society made a number of enhancements to its mortgage offering last year, including exclusive products for first-time buyers, new retirement interest-only mortgages, and the launch of holiday let deals.
Alan Harris, chairman of Ipswich Building Society, commented: “As well as undertaking the many activities very visible to members and the community, last year much time and effort has been invested behind the scenes in our governance and oversight as this, quite rightly, remains a key focus for our regulators. We continue to apply our Enterprise Risk Management Framework to give oversight and scrutiny of operations, finances and decision making. In short, this means taking business risks that are within appetite and ensuring they are effectively managed.
“We anticipate 2020 being another challenging environment for financial services. Activity in the housing sector is reduced and house price inflation is low, or in some areas, in decline, and we anticipate strong price competition in mortgages as well as savings in the near future. However our strength is in our simplicity and we remain focused on delivering only for our members as a strong and committed mutual.”
