The higher loan cap will be available on all standard 75 per cent LTV residential and later life products, as well as its 80 per cent LTV self build deal.
The rest of the mutual’s product range will still be subject to a £500,000 maximum loan size, though it does have a range of specialist large loan deals available up to 90 per cent LTV for more sizeable transactions.
Richard Norrington, chief executive officer of Ipswich Building Society, said the lender recognised that the housing market was changing, with a general upwards trend in house prices and some buyers skipping several rungs on the property ladder by going straight to a ‘forever’ home.
He continued: “By increasing the maximum loan size across our standard products, we hope to be able to support these ‘leapfrog buyers’ as well as others who need to access larger mortgages to reflect house price growth in their area.”
