During the last few weeks we have been busy responding to evolving market conditions, working through pipeline applications, introducing desktop valuations and also improving both the broker and client journey through the introduction of electronic ID&V and removing the need for brokers to certify supporting documents.
Now the government has given the green light to house movers and we will soon be able to recommence physical valuations, we are pleased to announce updates to our products for both purchase and remortgage cases, with the return of:
- Residential up to 90% LTV
- BTL, holiday let, expat resi, expat BTL and self-build up to 80% LTV
- Later life up to 75%
The Society is keen to support intermediaries and their clients who are looking to move to a new house or remortgage. We will be carefully monitoring the evolving situation and market conditions, updating our products and lending criteria where appropriate. You will be able to find the latest news in our Coronavirus FAQs blog: https://www.ipswich-intermediaries.co.uk/blog/coronavirus-covid-19-frequently-asked-questions
Relaunching our products is a positive move; albeit one where we will need to take a cautious approach with higher LTV applications.
We are asking for intermediaries to be patient; we will continue with desktops where possible until physical valuations are available, and the backlog of valuations are cleared over the coming weeks. It’s important to be sure to check new guidelines in relation to acceptable income for the furloughed and self-employed, be confident with the customers’ ability to maintain the mortgage repayments and their credit profile and, lastly, be cautious on property valuations in the current market.
Our support team are available to assist with broker enquiries Monday to Friday 9am – 5pm on 0330 123 1073 option 1 or email bdt@ibs.co.uk .
