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L&G expands new build deal with Ipswich

L&G expands new build deal with Ipswich

Ipswich Building Society has increased its involvement in the new build and shared ownership sectors by extending its partnership with the Legal & General Mortgage Club.

Firms such as Key Solutions Mortgages, Metro Finance and IMS will now have access to Ipswich Building Society’s products.

Jeremy Duncombe, director of Legal & General Mortgage Club, said the deal would increase the availability of mortgages for under-served borrowers.

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He said: “We have been working closely with Ipswich Building Society to support their expansion in the intermediary market.

"They have widened their distribution across an increasing group of our key intermediaries, including our new build specialists.”

Richard Norrington, chief executive officer of Ipswich Building Society, said: “Not only does partnering extend our reach beyond our traditional heartland, but it takes our platform to those who need it most and for whom our manual underwriting approach will continue to offer an alternative.”

Ipswich Building Society originally partnered with Legal & General Mortgage Club’s in May 2015 and since then the regional lender has seen the value of net applications from Legal & General advisers increase by 88 per cent, and the number of cases submitted increase by 53 per cent.

david.rowley@ft.com