The partnership will allow Legal & General’s appointed representatives, The Mortgage Advice Bureau, Nouveau Members and selected directly authorised firms to access Ipswich’s products.
Ipswich specialises in mortgages for older borrowers, self-employed borrowers, self builders and shared ownership mortgages. It offers transitional remortgage products designed to help those who have become trapped on poor rates under the Mortgage Market Review (MMR).
Part of the exclusive arrangement will see Ipswich accept applications from brokers across England and Wales instead of its normal local catchment area.
Paul Winter, CEO of Ipswich Building Society, said; “Legal & General’s Mortgage Club is the longest running and largest club of its kind in the UK, therefore our partnership will increase Ipswich Building Society’s reach into the broker market. This is a significant step for us on our return to lending now that our extensive IT transformation has been completed.”
Winter has been vocal in his opposition to the Financial Conduct Authority’s decision to ban remortgages for new borrowers using the transitional rules laid in the MMR.
The regulator made the decision in order to comply with the European Mortgage Credit Direct (MCD).
Speaking on the matter at the time of the regulator’s decision Winter said: “We are disappointed that the MCD seems to prohibit the use of the transitional arrangements and we will be discussing with all relevant parties the interpretation of the directive. In the meantime we will continue to use the transitional arrangements to help those we describe as ‘mortgage misfits’.”
