The Ipswich Building Society is now part of the Legal & General Mortgage Club.
The mutual says the move widens its reach to the broker market and signifies its return to lending following the completion of a two year IT transformation project.
Legal & General has a 27% share of the intermediary market. Its Mortgage Club brokers will now be able to access Ipswich Building Society’s manual approach to underwriting, dealing with mortgage misfits such as older borrowers, the self-employed and self-builders.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “As part of an exclusive agreement with Legal & General, Ipswich will accept applications from brokers across England and Wales as opposed to their normal local catchment area. At Legal & General Mortgage Club we are always looking to add value for our brokers.
“Ipswich offer innovative products and individual underwriting for several groups of borrowers who are underserved by the market at the moment including transitional borrowers, first time buyers and older borrowers.”
Michelle Stevens, head of mortgage sales, said: “We’re looking forward to working with Legal & General’s extensive network of brokers to help them meet the needs of their clients. Our host of underwriters and mortgage specialists will work with each broker to help them handle every case from the straightforward to those that are more complex. We pride ourselves on taking a sensible approach to understanding people’s responsibilities and take all forms of income into account when assessing affordability.”
Paul Winter, CEO of Ipswich Building Society, added: “Legal & General’s Mortgage Club is the longest running and largest club of its kind in the UK, therefore our partnership will increase Ipswich Building Society’s reach into the broker market. This is a significant step for us on our return to lending now that our extensive IT transformation has been completed.”
