Added: 4 July 2014
Ipswich Building Society launches 3.09% fixed mortgage product for purchases
Overall cost for comparison 5.2% APR
Ipswich Building Society has launched a competitive two year fixed rate 85% loan-to-value mortgage product. Available for purchases only, the overall cost for comparison is 5.2% APR, with an initial two year fixed rate of 3.09% until 31st October 2016, reverting to the Society's Standard Variable Rate, currently 5.49%.
The product is available direct and via intermediaries but is restricted geographically within East Anglia.
Michelle Stevens, Ipswich Building Society, Head of Mortgage Sales, commented:
"We're committed to supporting so called 'mortgage misfits' such as small business owners and the self-employed. This product demonstrates the Society's continuing ambition to offer a viable and competitive alternative to the larger banks.
Because unlike the high street banks we continue to offer borrowers the option to provide their own expenditure data rather than relying on a computer model to determine what 'typical' spending looks like."
Criteria applicable to the product:
- Fixed until 31st October 2016, subsequent variable rate 5.49%, with an overall cost for comparison 5.2% APR
- Valuation fee based on property valuation
- The product is available immediately but with limited availability
- Application fee, payable with application and non-refundable £150
- Completion fee £849
- No charge for overpayments of up to 50% of original loan amount. Early repayment charge period ends 31st October 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: £25,000
- Maximum loan amount £500,000