Ipswich Building Society joins MCI’s panel
24 February 2021
MCI Mortgage Club’s lender panel goes from strength to strength with the appointment of Ipswich Building Society.
Ipswich offers a comprehensive range of products with no maximum age at entry or exit of the mortgage and it will lend for up to 40 years. As well as standard residential mortgages, Ipswich has products for later life, buy to let and holiday lets, expats, self builders and first time buyers.
Catering for the older age group, Ipswich has interest-only products for people aged 50 or over. It is one of the few lenders who will accept downsizing as a repayment vehicle with an LTV of 50% and a minimum £150k equity. If borrowers have other repayment vehicles, the LTV is 70%.
The Society’s buy to let range goes up to 80% LTV and top slicing is accepted. Mortgages for holiday lets are also available at 80% LTV and up to 60 days’ personal use is allowed.
Ipswich will lend to British expats living in any country except sanctioned or war zones with an LTV up to 80%. There are no currency restrictions for expat buy to let borrowers but for expat residential clients the income must be in one of 10 acceptable currencies.
Another of Ipswich’s specialties is self build which includes renovations, conversions, knock down & rebuilds and projects already started.
Melanie Spencer, Head of MCI Mortgage Club, commented: “We are continuing to expand our lender panel and building societies are always welcome as they offer niche products. Ipswich has a great mortgage range and caters for all sorts of borrowers giving our members alternative options for their clients. Our members can easily apply for Ipswich’s products via our slick and efficient CRM system and digital mortgage platform.”
Charlotte Grimshaw, Head of Mortgage Sales at Ipswich Building Society said: “We are excited to be launching with MCI Club, having worked closely over the last few months to develop our partnership. Through our range of lending solutions and by employing an expert manual underwriting system we are able to assist brokers with their slightly unusual or complex cases. We look forward to helping shape cases for MCI Club members going forward.”
