Partly Cloudy

Partly Cloudy

max temp: 5°C

min temp: 3°C


Ipswich Building Society expands ‘mortgage misfits’ range with new credit repair products

PUBLISHED: 15:11 09 November 2017

Richard Norrington, chief executive of Ipswich Building Society.
Picture: Ipswich Building Society

Richard Norrington, chief executive of Ipswich Building Society. Picture: Ipswich Building Society


Ipswich Building Society has launched a new “SOS” mortgage range to help home buyers improve their credit profile and regain access to the standard mortgage market.

The range involves three discounted deals, each of which includes a “credit repair guarantee” which pledges that borrowers who make all payments on time over the initial discount rate period can then transfer to any of the society’s standard mortgage retention products.

The new products build on the society’s manual underwriting processes, where every application is reviewed by a member of the team rather than relying on automatic computerised decision-making.

They are all available for purchase and remortgage, excluding first time buyers, with a £350,000 maximum loan amount. They are subject to the society’s usual 50% overpayment facility, where payments and redemptions in excess of this will be subject to a charge.

Richard Norrington, Ipswich Building Society chief executive, 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.”

Dog owners are being warned after a second pet died on the region’s coast in just over a fortnight – this time on Felixstowe beach.

The Orwell Bridge is now expected to remain open on Thursday after the threat of high winds overnight eased.

A boy has appeared in court charged with robbery in Ipswich.

Police in Kesgrave have warned motorists that irresponsible parking around the weekly parkrun will result in fines, after a string of recent problems.

EDF Energy officials said the Suffolk nuclear twin reactor power plant could cost 20% less than anticipated, and the project could inject up to £200 million a year into the county’s economy.

A drug addicted shoplifter appeared in court on the day his second child was due to be born.

An Ipswich man who stole a bank card and a mobile phone from his mother will be sentenced next month after a pre-sentence report has been prepared on him.

A former Suffolk school pupil has been called up to represent England’s under-20s team in two major international competitions.

Reports of dogs worrying livestock in Suffolk have prompted appeals for pet owners to act responsibly.

The proposed merger of Babergh and Mid Suffolk councils may have been put back by the promise of a referendum in south Suffolk – but the consultation on the future of the authorities continues.

Most read

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24