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Ipswich Building Society reintroduces selection of standard residential, buy to let, holiday let and £1m+ mortgages

1 Sep 2020

4 min read

Added: September 2020

Ipswich Building Society reintroduces selection of standard residential, buy to let, holiday let and £1m+ mortgages

Ipswich Building Society has today announced that it is reintroducing products within its standard residential, buy to let (including expat buy to let) and holiday let ranges. This includes residential deals at 85 per cent LTV, as well as reinstating lending on properties worth over £1m, subject to maximum LTV and loan size.

Earlier in the year, the Society received a record number of applications and withdrew a number of products in order to maintain service levels. Since then the Society has been monitoring inflows and market conditions, and has made the decision to re-enter with a select number of products in order to maintain a steady flow of applications.

Richard Norrington, CEO at Ipswich Building Society said: “We’ve been keeping a keen eye on the market and taken careful consideration over the appropriate time to re-enter. It is important we introduce and maintain a suitable range of products which enable us to uphold our service standards.

“We’re particularly pleased to be offering 85 per cent loan-to-value residential mortgage products as part of a stepped re-entry into the higher LTV market, with a view to returning to 90 per cent lending in the future. We especially hope to be able to help first time buyers, many of whom have had their plans put on ice during the pandemic instead of realising their property-ownership dreams.”

All products are available to direct applicants in England and Wales and intermediaries either located in the Society’s heartland area or members of selected networks and clubs.

Residential mortgages

The following products are available at 85% LTV with a minimum loan of £25,000, a maximum loan of £500,000, application fee of £199 and completion fee of £800:

  • 2-year fixed rate at 2.99% until 31 December 2022, then reverting to SVR (currently 5.24%) minus 1.74% until 31 March 2026, followed by SVR for the remainder of the term
  • 2-year discount rate at SVR (currently 5.24%) minus 2.64%, giving a current pay rate of 2.6% for two years from date of completion then reverting to SVR minus 1.74% for 36 months, followed by SVR for the remainder of the term

Buy to let mortgages (including expat buy to let)

The following buy to let product is available at 80 per cent LTV, with a minimum loan of £75,000, a maximum loan of £500,000, an application fee of £199 and a completion fee of £950:

  • 2-year discount rate at SVR (currently 5.24%) minus 2.25%, giving a current pay rate of 2.99% for two years from date of completion.

The following expat buy to let products are available at 80 per cent LTV, with a minimum loan of £75,000, a maximum loan of £750,000, an application fee of £199 and a completion fee of £999:

  • 2-year discount rate at SVR (currently 5.24%) minus 1.99%, giving a current pay rate of 3.25% for two years from date of completion.
  • 5-year fixed rate at 3.80% fixed for 5 years from date of completion.

Holiday let mortgages

The following holiday let mortgages are available at 80 per cent LTV, with a minimum loan of £75,000, a maximum loan of £500,000, an application fee of £199 and a completion fee of £950:

  • 2-year fixed rate at 3.25 % fixed until 31 December 2022.
  • 2-year discount rate at SVR (currently 5.24%) minus 2.25%, giving a current pay rate of 2.99% for two years from date of completion.
  • 5-year fixed rate at 3.75% fixed for 5 years from date of completion.

All products have a CHAPS fee of £35 and a tiered valuation fee based on property value applies. During the initial mortgage term, the Society offers fee-free overpayments up to 50% of the original loan amount*. Excluding expat buy to let, remortgage applicants benefit from a free valuation and access to fee assisted legal services.

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