Legal & General Mortgage Club has announced an exclusive residential offering for its members with the Ipswich Building Society.
Club members now have access to a five-year fixed rate residential product, available at 95% loan to value (LTV).
Starting from 2.99%, the product has a minimum loan value of £25k and a maximum value of £500k with fees of £499, which consist of £199 upfront and £300 upon completion.
The product will be available to selected L&G Mortgage Club partners.
It is aimed at helping first-time buyers with a small deposit get onto the property ladder as well as providing an option for customers looking to remortgage out of the Help to Buy or Shared Ownership schemes.
Danny Belton, head of lender relationships, Legal & General Mortgage Club, said: “It’s great to see an increasing number of lenders offering 95% LTV mortgages, allowing buyers with small deposits to achieve their homeownership goals and providing more options for those looking to remortgage out of either Help to Buy or Shared Ownership. Legal & General Mortgage Club has been working closely with Ipswich Building Society to develop this offering and we are excited to work together to further build and support this proposition, bringing exclusive products to our key partners.”
Richard Norrington, CEO, Ipswich Building Society, said: “We are delighted to offer this exclusive deal to Legal & General Mortgage Club, which is ideal for applicants purchasing with a low deposit or remortgaging with a small amount of equity in their home. For aspiring first time buyers receiving help from their family we welcome applicants using gifted deposits, and can consider entirely gifted funds up to 95% LTV with 12 months rental history or 90% LTV without.”
Kate Ley, head of mortgage sales at the Ipswich Building Society, added: “The five-year fixed rate basis means affordability is calculated at product pay rate only and not subject to a stressed rate. This, combined with our expert manual underwriting, should provide borrowers with easier access to the mortgage market, whilst taking their personal circumstances into consideration with every lending decision.”