"Alongside being able to resume purchase cases, we have made other operational changes which will allow us to proceed with a broader range of applications"
New standard residential purchase cases and remortgages will now be considered up to 90% LTV with a maximum loan size of £500,000
Residential loans up to £750,000, buy-to-let, self-build, expat and holiday let cases will be considered up to 80% LTV.
Later life mortgages will be considered up to 75% LTV and capital raising is available up to 50% LTV.
The Society is also now able to lend on flats, new builds and unusual properties. Lending on shared ownership and properties valued over £1m is currently being reviewed but not available at present.
For furloughed employees, the Society requires evidence of entitlement and will accept 80% of salary up to £2,500 per month when assessing affordability. Additional employer contributions on top of government 80% will not be accepted.
Richard Norrington, CEO at Ipswich Building Society, commented: “During the early stages of the restrictions associated with Covid-19, we made a series of changes to our lending criteria to reflect our capacity, the challenges around undertaking valuations, and to limit our risk exposure. Alongside being able to resume purchase cases, we have made other operational changes which will allow us to proceed with a broader range of applications, as well as continuing to welcome cases from intermediaries with self-employed and furloughed clients.
“Our entire industry is operating in uncharted waters at the moment but we understand how important it is to get people moving home and remortgaging again. We’re assessing the situation on a daily basis so that we are able to offer brokers the confidence and reassurance that they and their clients need. Our underwriters are ready to assess each case on a manual underwriting basis, which is incredibly important for many applicants in these financially uncertain times.”
