Added: 15 January 2014
Ipswich Building Society launches fixed two year 1.97% mortgage
Overall cost for comparison is 4.9% APR
Ipswich Building Society has launched a competitive 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 new product's overall cost for comparison is 4.9% APR, with an impressive initial two year fixed rate of 1.97% until 31st March 2016, before changing to the Society's Standard Variable Rate currently 5.49%.
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."
Criteria applicable to the product:
- Remortgage only
- Fixed until 31st March 2016, subsequent variable rate 5.49%, with an overall cost for comparison 4.9% APR
- The product is available immediately but with limited availability.
- Application fee, payable with application and non-refundable £150
- Completion fee £1475
- No charge for overpayments of up to 50% of original loan. Early repayment charge period ends 31st March 2016
- Overpayments of 50% or above the ERC is 3% of the overpayment
- For redemption before March 31st 2016 the ERC is 3% of the original loan amount
- Minimum loan amount: £250,000
- Maximum loan amount £500,000
*East of England is Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire