The Ipswich Building Society has launched two new residential products at 75% loan to value (LTV).
The deals are aimed at applicants with a larger deposit or amount of equity in their homes and looking to purchase or remortgage.
The new products will be subject to the Society’s manual underwriting approach, where applications are assessed individually, and on their merits.
The products are available to applicants in England and Wales, either directly or through intermediaries in the Society’s heartland area and members of selected networks and clubs.
The deals are as follows:
- A two-year fixed rate at 2.75% until 30/09/2020 (5.1% APRC). Completion fee is £800.
Fee free overpayments up to 50% of the original loan amount. Early Repayment Charge of 3% applies until 30/09/2020.
- A two-year discount rate at Standard Variable Rate (currently 5.49%) minus 3.14%, giving a current pay rate of 2.35% until two years from completion date (5.2% APRC). The completion fee is £800. Fee free overpayments up to 50% of the original loan amount. Early Repayment Charge of 1% applies until two years from completion date.
The mortgages are available from five to 40 years with no maximum age and have an application fee of £199, £35 CHAPs fee and a tiered valuation fee based on property value. For remortgage applicants there is a free valuation (up to property value of £1m) and fee assisted legals.
On both products for overpayments in excess of 50% of the original loan amount, or early redemption, an Early Repayment Charge (ERC) applies. For overpayments this charge is calculated on the overpayment amount that exceeds the 50% allowance, and for early redemption is calculated on the original loan amount.
Richard Norrington, CEO at Ipswich Building Society said: “We recently introduced our later life range with products at a lower tier of 75% LTV for applicants aged 50+, and having recognised a gap in our portfolio for borrowers with a larger deposit or amount of equity in their property we have now launched two new residential mortgages available from 75% LTV.
“We’re proud of our ability to have real people making expert decisions on a person’s affordability. This personal approach to underwriting has enabled us to operate efficiently while offering greater choice in the mortgage market, and assist an increasing number of borrowers both directly and through our valued intermediary relationships.”