According to the lender, the minimum loan amount has been reduced from £100,000 to £50,000. Loans are available up to 95% of the share with a maximum loan amount of £350,000.
The Society has also confirmed that it will also assist Help to Buy re-mortgagers looking to graduate onto a standard mortgage product. All standard remortgage products will be available to Help to Buy applicants, at up to 95% LTV, and the Society’s standard mortgage assessment and affordability calculation, through its manual underwriting process, will apply.
Finally, Ipswich has increased the maximum loan size for its standard 90% and 95% LTV products from £350,000 to £500,000 in response to rising house prices.
Richard Norrington, Ipswich Building Society's CEO, had this to say: “Through our commitment to seeing diversity in mortgage lending, we have made changes to our residential mortgage offer to further support home buyers, specifically those purchasing for the first time.
We are pleased that we can help borrowers moving away from a Help to Buy mortgage and through our expert manual underwriting we’ll continue to specialise in real mortgages for real people, who have unusual or complex occupations and find themselves categorised as ‘mortgage misfits’, otherwise ignored by other high-street lenders.”
