Mortgages

Ipswich BS launches self build mortgage hub with reduced rates

The Society has also reduced interest rates across its self build range.

Rozi Jones
|
11th June 2019
Richard Norrington, Ipswich Building Society CEO
"With around one in five self-build cases coming in straight from intermediaries themselves we’re keen to do more to directly support them with their self build clients."

Ipswich Building Society has launched a new self build hub designed to offer advice and make it easier for intermediaries to support their self build clients.

The hub, which sits on the Society’s intermediary site, includes a collection of guides, downloads, and a step-by-step process of how to submit a self build mortgage case.

The Society has also reduced interest rates across its self build range. A two-year discount rate is now available at the Society’s SVR, currently 5.74%, minus 1.75% giving a current interest rate of 3.99%. A £1,000 completion fee, £199 application fee, CHAPS fee of £35 and a tiered valuation fee based on property value applies.

Self build mortgages are available on new projects, conversions, renovations, and knock-down and rebuild projects, with loans up to the value of £750k and a maximum 80% LTV.

Richard Norrington, CEO at Ipswich Building Society, commented: “We have amassed a wealth of experience in self build cases over the years, and today, one in twenty of the mortgages currently on our books is a self build loan, with projects spanning across England and Wales. Self build is an increasingly popular market, with more people seeking to build from scratch or make large scale renovations to suit their family circumstances and requirements. We are therefore delighted to be able to share our knowledge and provide expert guidance to intermediaries in the self build field.

“By hosting all of our self build content on a centralised, easily-accessible platform we have created an invaluable tool for brokers, and I am confident that the hub will help cement our position as the go-to place for mortgage intermediaries with self build cases.

“We also hope that by providing a comprehensive overview of the self build process, we can reassure brokers who may be less familiar with this type of product that self build cases aren’t as complex as they may first appear.”

Kate Ley, head of mortgage sales, added: “With around one in five self-build cases coming in straight from intermediaries themselves we’re keen to do more to directly support them with their self build clients.

“We have a highly knowledgeable team of business development managers, and supporting consultants available who are well versed in the self build niche, therefore we can provide valuable assistance to intermediaries no matter how great or small their experience of the self build market may be.”

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