Ipswich releases mortgage prisoner-focused product range

Ipswich Building Society has released a range of remortgage products designed to help mortgage prisoners.

The six new deals feature an affordability assessment that is calculated at the product pay rate only rather than a stressed rate.

However, applicants are required to have been with their lender for two years or more, to have kept up repayments and to not have borrowed any more funds.

The new offerings include an 80 per cent LTV two-year discount of 3.19 per cent, giving an initial rate of 2.55 per cent and an 80 per cent LTV two-year fix at 2.80 per cent.

Both deals are for residential, and command a £199 application fee, an £800 completion fee, and a CHAPS fee of £35.

In addition, the lender has released a 75 per cent LTV two-year discount at 3.24 per cent, giving an initial rate of 2.50 per cent.

This offering is within the firm’s later life lending range and has fee free overpayments. The product also has no ERCs, a £199 application fee, an £500 completion fee, and a £35 CHAPS fee.

A 90 per cent LTV two-year fix at 3.25 per cent has also been launched. This deal is within the lender’s shared ownership range and has no fees.

All the products listed above are available directly through the lender, or via intermediaries based in the society’s ‘heartland area’, and members of selected networks and clubs, according to the firm.

Ipswich Building Society chief executive Richard Norrington says: “We recognise that there is also a tranche of homeowners who currently find themselves unable to remortgage away from their current lender due to changes in affordability assessment processes, and who cannot wait for the new legislation.

“That is why we have developed and introduced our new like-for-like remortgage range, to provide greater opportunity for these borrowers.

“By applying our manual underwriting approach, we are able to understand the personal circumstances behind each individual mortgage application.”

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