20 February 2014
Ipswich Building Society launches 1.97% fixed product for new mortgage business
- Overall cost for comparison 5.0% APR
- Minimum loan amount £100,000
Ipswich Building Society has launched a competitive two year fixed rate 75% loan-to-value, free valuation purchase and remortgage product. The overall cost for comparison is 5.0% APR, with an initial two year fixed rate of 1.97% until 31st March 2016, before changing to the Society's Standard Variable Rate, currently 5.49%.
The product is available via intermediaries in Suffolk, Norfolk, Essex, Cambridgeshire and Bedfordshire and Hertfordshire, as well as via PMS and Sesame broker networks.
The product is part of the Society's continuing ambition to offer an alternative to larger financial institutions, ensuring that all of products are personally underwritten, unlike high street banks that rely on automated credit scoring.
Criteria applicable to the product:
- Fixed until 31st March 2016, subsequent variable rate 5.49%, with an overall cost for comparison 5.0% APR
- Free valuation for both purchase and remortgage
- The product is available immediately but with limited availability
- Application fee, payable with application and non-refundable £150
- Completion fee £975
- 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: £100,000
- Maximum loan amount £500,000
- Online applications only