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Ipswich Building Society targets ‘mortgage misfits’ with credit repair mortgage

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  • 10/11/2017
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Ipswich Building Society targets ‘mortgage misfits’ with credit repair mortgage
Ipswich Building Society has launched a range of mortgages for borrowers with impaired credit who are frozen out of the mainstream market.

 

There are three mortgages in the ‘SOS’ product range, which are all designed to help customers repair their credit rating.

Each loan comes with a guarantee that customers who make all repayments on time in the initial discount rate period can then switch to one of Ipswich’s standard mortgage products.

The lender said it is using its manual underwriting processes to offer a flexible approach to borrowers who would typically be turned down by larger mortgage lenders.

The products are all exclusively available through the Society’s Prestige intermediaries and selected partners, and available for purchase and remortgage but exclude first-time buyers.

The range includes a Near Prime and Feather Prime, both two-year discount rates of Ipswich’s Standard Variable Rate, currently at 5.24%.

The Near Prime has a current rate of 4.29% and Loan to Value (LTV) of 75%, with a £250 application fee and £1,000 completion fee, while the Feather has a current rate of 4.69%, at maximum LTV of 60% and a £250 application fee and £1,750 completion fee.

There is also a Credit Recovery three-year product at SVR plus 0.95% to give a current rate of 6.19%, with a maximum  LTV of 60%, £250 application fee and £2,250 completion fee.

 

Manual approach to ‘mortgage misfits’

Richard Norrington, chief execuitive at Ipswich Building Society said: “This launch strengthens our commitment to tackling diversity in the mortgage market.

“Our manual approach to underwriting, at the heart of our mortgage business, provides the flexibility to consider applications from borrowers deemed to be ‘mortgage misfits’ by many other lenders.

“By offering a credit repair guarantee we are offering the opportunity for many people facing credit repair to get back on track.”

 

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