The Ipswich Building Society is making rate reductions for three of its mortgage products.
Changes to product end dates have also been introduced to other mortgages in the range.
The mutual 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 an application fee of £199, a £800 completion fee, a 50% overpayment facility and 1% early repayment charge until two 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 30 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 30 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:
- 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 two 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 two 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.
Paul Winter (pictured), CEO of Ipswich Building Society, said: “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.”