The Ipswich Building Society has cut rates for nine of its mortgage products, available to direct applicants, selected networks and clubs and intermediaries in its heartland area.
The mutual has reduced rates on a number of its existing products by between 0.10-0.30 percentage points and refreshed some end dates and early repayment charges.
Refreshed rates are as follows:
| 2 Year Fixed Rate at 2.69% (90% LTV) | Reduced by 0.20 percentage points (previously 2.89%)
End date and ERC period changed to 31 August 2018 |
| 2 Year Fixed Rate at 4.09% (95% LTV) | Reduced by 0.30 percentage points (previously 4.39%)
End date and ERC period changed to 31 August 2018 |
| 2 Year Discount Rate currently at 3.69% (95% LTV) | Reduced by 0.10 percentage points (previously 3.79%) |
| Large Loan 2 Year Fixed Rate at 3.49% | Reduced by 0.26 percentage points (previously 3.75%)
End date and ERC period changed to 31 August 2018 |
| Shared Ownership 2 Year Discount Rate currently at 4.29% | Reduced by 0.20 percentage points (previously 4.49%)
End date changed to 2 years from completion date. Early Repayment Charge: fee free overpayments up to 50% of original loan. For overpayments in excess of 50% the ERC is 1% of the overpayment until 2 years from completion date |
| Shared Ownership 2 Year Fixed Rate at 4.69% | Reduced by 0.30 percentage points (previously 4.99%)
End date and ERC period changed to 31 August 2018 |
| Self Employed Specialist 2 Year Discount Rate currently at 3.29% | Reduced by 0.30 percentage points (previously 3.59%)
Early Repayment Charge: fee free overpayments up to 50% of original loan. For overpayments in excess of 50% the ERC is 1% of the overpayment until 2 years from completion date |
| Self Employed Professional 2 Year Discount Rate currently at 3.69% | Reduced by 0.30 percentage points (previously 3.99%)
Early Repayment Charge: fee free overpayments up to 50% of original loan. For overpayments in excess of 50% the ERC is 1% of the overpayment until 2 years from completion date |
| Contractor 2 Year Discount Rate currently at 3.69% | Reduced by 0.30 percentage points (previously 3.99%)
Early Repayment Charge: fee free overpayments up to 50% of original loan. For overpayments in excess of 50% the ERC is 1% of the overpayment until 2 years from completion date |
Paul Winter, CEO of Ipswich Building Society, said: “As with all mortgage applications we apply a manual underwriting process to give a fair assessment of affordability, and offer an alternative to the ‘computer says no’ approach used by many high street lenders.
“Our inclusive approach to lending means we will continue to innovate, refreshing our range to allow access to the widest possible group of borrowers and continuing to meet the needs of mortgage misfits.”