Added: 21 April 2016
Help for those with low deposits or seeking larger loans
Ipswich Building Society is furthering its commitment to mortgage inclusion with the announcement of rate reductions for three of its mortgage products. Changes to product end dates have also been introduced to other mortgages in the range.
The Society is offering a two year discount rate product, currently at 2.59% (Standard Variable Rate minus 2.90%), up to 90% LTV (5.2% APRC). This is available for purchase and remortgages for loans up to £350,000 and offers a low application fee of £199, a £800 completion fee, a 50% overpayment facility and 1% early repayment charge until 2 years from completion date.
A two year fixed rate product at 2.89%, up to 90% LTV (5.2% APRC) is available for purchase and remortgage for loans up to £350,000. It has a low application fee of £199, a £800 completion fee, a 50% overpayment facility and 3% early repayment charge until 30th June 2018.
A two year fixed rate Large Loan product is also available at 3.75%, up to 90% LTV (5.3% APRC) for purchase and remortgage for loans up to £750,000 with a 50% overpayment facility and 3% early repayment charge until 30th June 2018. For all three products, borrowers who are remortgaging will also benefit from a free valuation (up to a property value of £1m) and fee-assisted legals.
The Society has also refreshed the end dates of the following two mortgage products (more details below):
• A two year discount rate product at a current rate of 3.79% (Standard Variable Rate minus 1.70%), up to 95% LTV (5.4% APRC) and an end date of 2 years from completion
• A Large Loan two year discount rate product at a current rate of 3.59% (Standard Variable Rate minus 1.90%), up to 90% LTV (5.3% APRC) and with an end date of 2 years from completion
As in all cases of mortgage applications, Ipswich Building Society will apply its manual underwriting process to give a fair assessment of affordability. An alternative to the ‘computer says no’ approach of some high street lenders, the Society will consider the case of those it classes as ‘mortgage misfits’, including self-builders, younger and older generations and the self-employed.
Paul Winter, CEO of Ipswich Building Society, commented on the latest changes to its product range: “We’re continuing to offer choice to home-buyers of all shapes and sizes, and these latest product updates may provide comfort to aspiring younger home-owners with low deposit savings but acceptable levels of affordability. We’ve also refreshed our larger loan mortgage products in response to the high demand from intermediaries and those seeking larger loans.”
Borrowers can access more information about Ipswich Building Society’s new mortgage range at http://www.ibs.co.uk/mortgages/products or by calling 0330 123 0773.