Paradigm Mortgage Services has announced that Ipswich Building Society has lifted its postcode lending restrictions for Paradigm members, allowing member firms in England and Wales to access its products.
The mortgage services proposition suggested Ipswich is active in several specialist mortgage product sectors on top of its residential offering, which includes later life lending, buy-to-let (BTL), holiday let, expatriate and self-build mortgages.
From today, Paradigm member firms will be able to register with Ipswich via its website and begin submitting business within 24 hours.
The lender operates with no maximum age limit across all products, uses manual underwriting and doesn’t use credit scoring, and it lends on properties across England and Wales, offering 90% LTV on purchase and remortgage loans up to £500,000, including new-build houses, or 80% LTV up to £750,000. It also offers 75% LTV on new-build flats – restricted to East Anglia and London.
Paradigm head of mortgages, John Coffield, commented: “The traditional notion of what a building society does in the mortgage market can almost be consigned to history now, given the products and the sectors that many institutions are now active in.
“While residential might remain the bread and butter, lenders like Ipswich are showing the value of a much more diversified approach to the mortgage market and are working with intermediaries and distributors in order to ensure they meet the needs of their client demographic.
“This is why we’re very pleased to bring Ipswich onto our lender panel, especially given its commitment to manual underwriting, plus its willingness to look at ‘unusual’ cases and circumstances, and the fact it lends right across England and Wales.”
Ipswich chief executive, Richard Norrington, added: “As the mortgage market faces unprecedented times, we are pleased to extend our broad range of products to the members of Paradigm to help their clients.
“We recently relaunched our 90% LTV product for new-build houses, alongside BTL, expat, holiday let and self-build deals. Through our expert, manual underwriting we can add value to club members, assessing each case on its own merit and making an informed lending decision.”
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