Added: 7 June 2017
Ipswich Building Society launches new 2-year fixed range mortgage offers
Opening up further choice in Residential and Buy-to-Let deals
Ipswich Building Society has refreshed its two year mortgage range, expanding the appeal of its Residential and Buy-to-Let products at the 75%- 95% Loan to Value (LTV) range following its roll out of three new 5 year fixed rate products in May. The new deals are designed to appeal to the changing needs of borrowers and represents the Society’s commitment to supporting accessibility in the mortgage marketplace, particularly for the so-called mortgage misfits who may find themselves left behind by mainstream lenders using automated underwriting.
The following products have been launched:
• A Residential rate of 3.45% fixed until 31.08.19, with a maximum LTV of 95% and completion fee of £800 (5.1% APRC*). Maximum loan size £350,000. For purchase only.
• A Residential rate of 2.15% fixed until 31.08.19, with a maximum LTV of 90% and completion fee of £800 (4.9% APRC*). Maximum loan size £350,000. For purchase and remortgage.
• A Buy-to-Let rate of 3.10% fixed until 31.08.19, with a maximum LTV of 75% and completion fee of £1300 (5.0% APRC*). Maximum loan size £500,000. For purchase and remortgage.
• A Buy-to-Let rate of Standard Variable Rate currently 5.24% with a discount of 2.39%, giving a pay rate of 2.85% for two years from date of completion, with a maximum LTV of 75% and completion fee of £1300 (5.0% APRC*).
Maximum loan size £500,000. For purchase and remortgage. See representative example for representative cost of credit.
All products benefit from the Society’s usual 50% fee free overpayment facility, with payments in excess of this, and early redemption, subject to an Early Repayment Charge. All mortgages have an application fee of £199, a CHAPs fee of £35 and a valuation fee is charged based on the value of the property. For remortgage applicants the Society offers a free valuation (up to maximum property valuation of £1m) and fee assisted legals.
Remaining two year fixed rate products in the Society’s range have been updated with a refreshed end date and Early Repayment Charge period until 31 August 2019.
Commenting on the revised range, Richard Norrington, CEO, Ipswich Building Society, said: “Having recently rolled out options for those wishing to fixed their mortgage for 5 years, with this refresh of our 2 year range we are continuing to respond to the mortgage market, offering competitive products for both Residential and Buy-to-Let lenders. Direct applicants, and those using intermediaries, will receive our personalised service as standard as our manual underwriting gives a real life assessment of affordability, as opposed to a computer algorithm that may too readily rule out creditworthy individuals.”
These new fixed rate products are available to direct applicants in England and Wales, intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire and nationally via selected networks and clubs.
*APRC (Annual Percentage Rate of Charge): The annual rate charged for borrowing expressed as a percentage over the term of the loan.