Added: 9 March 2017
Ipswich Building Society refreshes mortgage range
New fixed rates mortgages allow applicants to ‘spring into action’
Ipswich Building Society has updated its mortgage range with the introduction of three new 2 Year Fixed Rate mortgage products. The Society’s new products will be available to direct applicants and the Society’s Prestige intermediaries exclusively for a number of weeks before they become available to the Society’s wider intermediary panel.
Timed to meet the needs of mortgage applicants who will be springing into action at this time of year, the refreshed range supports the Society’s commitment to helping ‘mortgage misfits’ – creditworthy individuals whose circumstances may not meet the automated decision making criteria of some of the mainstream lenders. Ipswich Building Society uses manual underwriting to help assess all borrowers, including applications from the likes of first time buyers, older borrowers, those on zero hour contracts and parents whose income includes child maintenance.
Richard Norrington, CEO of Ipswich Building Society, commented on the new product range: “We are continuously innovating and reviewing our mortgage offerings to ensure we provide a comprehensive product range. Our new products from 75% LTV¹ support those with more equity, through to first time buyers looking to get on the housing ladder at 95% LTV. With our manual underwriting we can take a sensible approach to lending and assess all applications on individual merit”.
The Society is offering a two year fixed rate mortgage at 1.39% up to 75% LTV (4.8% APRC), and a two year fixed rate mortgage at 1.55% up to 85% LTV (4.8% APRC²). Both products are available for purchase and remortgage loans up to £500,000. The products offer a fee-free overpayment up to 50% of the original loan and an end date of 31 May 2019. There is an application fee of £199, a completion fee of £800, and a 3% early repayment charge⁴ within the fixed rate period. A standard valuation fee applies based on property valuation. Borrowers who are remortgaging will also benefit from a free valuation (up to a property value of £1m) and fee assisted legals.
The Society is also offering a two year fixed rate mortgage at 3.29%, up to 95% LTV (5.1% APRC). This is available for purchase loans up to £350,000. The product offers fee-free overpayment up to 50% of the original loan and an end date of 31 May 2019. There is an application fee of £199, a £800 completion fee 3% early repayment charge and a standard valuation fee applies based on property valuation.
The Society has also extended the end date of its existing Fixed Rate mortgage products to 31 May 2019.
These new products will be effective from 8 March 2016.
Borrowers can access more information about Ipswich Building Society’s new mortgage range at http://www.ibs.co.uk/mortgages/products or by calling 0330 123 0773.
Intermediaries can access more information about these products at http://www.ipswich-intermediaries.co.uk/ or by calling 0330 123 1073.