Ipswich Building Society

decs2021

I was wondering if someone can help please. What are your experiences with Ipswich Building Society and what are their timelines like (the website is incorrect)?
I have been quite anxious over the last week or so in regards to our application (fully submitted pack on 25/01), we still have not heard anything about it and was wondering if anyone had any experience with them and if this is normal for them?

We are also getting a lot of pressure from our seller's onward purchase. So this makes me anxious.

I can confirm that Ipswich has already taken money from me for the valuation but I am not sure if that is a good thing or not. Any reviews or experience you have had with Ipswich Building Society will be helpful! Thank you 

decs2021

Can someone help with this please?

Rudi1990

Are you applying via a broker? They should be advising you on timescales etc and chasing the lender on your behalf

decs2021

The problem is Ipswich are being vague with their timescales to our broker too. They chase it regularly too. We finally heard back on Monday and they wanted Covid confirmation emails from us just to confirm that our jobs aren't at risk. At that point they gave us a timescale of 2-4 days so still waiting. It's now been two days so hoping we hear tomorrow!

K_S

@decs2021 They re-entered the 90% LTV market recently and their refreshed criteria is favourable towards certain kinds of variable income.

As a result, I would imagine they're swamped with enquiries and new business (most of which requires detailed underwriting, resulting queries etc) and typically when that happens to small lenders, their service levels go for a toss. 

Can I ask what the main reason is for your case being placed with Ipswich?

decs2021

Ahh I had no idea they had refreshed their 90% LTV- we are going in at 80% LTV. I have a satisfied default that will be three years old in March. My other half has outstanding credit cards (no missed payments or defaults) totalling 5k. He was also on furlough for one month back in October but has been off furlough since November 1st.
Our profile is a tricker one so we struggled with high street lenders and some other lenders too. Hence why we went with Ipswich.