Added: 3 November 2015
Continued support for mortgage misfits, first time buyers and those seeking larger loans
Ipswich Building Society has reviewed its mortgage range and is introducing six new deals with immediate effect which will appeal to a variety of different borrowers including first time buyers, those in search of larger mortgage loans and shared ownership borrowers. The new product range is available direct and through selected brokers.
A two year fixed product at 4.39%, up to 95% LTV (5.5% APR) with a 50% overpayment facility, and a two year discount rate product, currently at 3.79%, up to 95% LTV (5.4% APR) with unlimited overpayments, have been introduced as purchase only Low Deposit Mortgages. Whilst these products will be of broad appeal they will be of particular interest to First Time Buyers.
Due to high demand from intermediaries and those seeking larger mortgage loans, a two year discount rate product, currently at 3.59%, and on Standard Variable Rate -1.90%, up to 90% LTV (5.4% APR), is available up to a maximum value of £750,000 with unlimited overpayments, and fee assisted legals and free valuations available for remortgages. A two year fixed rate at 3.95%, up to 90% LTV (5.4% APR), is also available up to a maximum value of £750,000 with a 50% overpayment facility, and fee assisted legals and free valuations for remortgages. Both of these Large Loan products are available for purchase or remortgage.
Two Affordable Home Loan products for Shared Ownership have also been introduced. A two year fixed rate product at 4.99%, up to 95% LTV (5.6% APR), with a 50% overpayment facility and a two year discount rate currently at 4.49%, up to 95% LTV (5.5% APR), with unlimited overpayments. Both products are available for purchase only.
As in all cases of mortgage applications, Ipswich Building Society will apply its manual underwriting process to give a fair assessment of affordability, an alternative to the ‘computer says no’ approach of some high street lenders.
Paul Winter, CEO of Ipswich Building Society, commented on the latest additions to the Society’s product range: “We’re continuing to offer choice to home-buyers of all shapes and sizes, including mortgage misfits who are often overlooked by other banks and building societies. Both the Low Deposit and Affordable Home Loan (Shared Ownership) products have been created with aspiring younger home-owners with low deposit savings but acceptable levels of affordability in mind. Furthermore, we have introduced two Large Loan products in response to requests from intermediaries to meet the needs of borrowers seeking larger mortgage products.”
For full details on all mortgage products click here. Information correct as at 26 October 2015.