The Ipswich Building Society has launched a two-year fixed rate 75% loan-to-value (LTV) mortgage product available to brokers in the East of England as well as the PMS and Sesame broker networks.
Available for remortgages only, the product has an initial two-year fixed rate of 1.97% until 31 March 2016, before changing to the Society’s Standard Variable Rate currently 5.49%.
The product is available immediately but with limited availability. It has an application fee of £150, payable with application and non-refundable, while there is a completion fee of £1,475.
Overpayments of 50% or above the ERC is 3% of the overpayment, while for redemption before March 31st 2016 the ERC is 3% of the original loan amount.
The minimum loan amount is £250,000 and the maximum £500,000.
The mutual classes the East of England as Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire.
As with all of Ipswich Building Society’s mortgage products, this product is personally underwritten, ensuring that sensible judgment is used to assess whether an application meets the Society’s lending criteria. Unlike many high street banks that rely on automated credit scoring, Ipswich Building Society reviews each application on its own merits and individual circumstances.
Ipswich Building Society, Chief Executive, Paul Winter comments:
“We’re delighted to offer this exciting and competitive product. We’ve worked closely with our brokers to understand the needs of their clients and develop products accordingly. This flexibility coupled with our personal underwriting ensures brokers can be confident their clients will receive an excellent service from us.”
