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Ipswich launches ‘SOS’ credit repair range

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Ipswich Building Society has introduced an SOS mortgage range of credit repair products.

The three new products are designed to help those looking to improve their credit profile and get access to mainstream mortgages.

Borrowers with no late payments in the initial discount rate period can swap to any of Ipswich’s standard mortgage retention products.

The range includes a near prime two-year discount product of 0.95 per cent to the lender’s SVR, currently 5.24 per cent.

The maximum LTV is 75 per cent. There is a £250 application fee and £1,000 completion fee.

The second product is a feather prime two-year discount product. The loan has a discount of 0.55 per cent to Ipswich’s SVR, giving a current pay rate of 4.69 per cent.

The loan has a maximum LTV of 60 per cent and has a £1,750 completion fee.

The final product is a credit recovery three-year loan at SVR plus 0.95 per cent, giving a current pay rate of 6.19 per cent.

The loan has a maximum LTV of 60 per cent. It also has a £250 application fee and £2,250 completion fee.

All new products are available for purchase and remortgage, excluding first time buyers.

All have a maximum loan amount of £350,000.

Every SOS product will have a 50 per cent overpayment facility.

Payments and redemptions of more than this will get a 3 per cent early repayment charge on the overpayment amount.

For early redemption of the loan a 3 per cent charge applies, calculated on the original loan amount.

A £35 CHAPS fee and a valuation fee based on the property’s value also apply.

Ipswich Building Society chief executive Richard Norrington says: “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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