Ipswich BS cuts rates on residential range

Ipswich Paul Winter 2015

Ipswich Building Society is cutting rates by up to 20bps and changing end dates on its residential range.

Ipswich’s two-year fix at up to 90 per cent LTV has been cut from 3.09 per cent to 2.89 per cent.

The product is available for purchase and remortgage loans up to £350,000.

Ipswich’s two-year discount deal up to 90 per cent LTV is being cut by 20bps to 2.59 per cent for purchase and remortgages up to £350,000.

The mortgage has an £800 completion fee, a £199 application fee, a 50 per cent overpayment option and a 1 per cent early repayment charge until two years from completion date.

A large loan two-year fixed has been cut by 20bps to 3.75 per cent up to 90 per cent LTV.

The offer is for purchase and remortgage for loans up to £750,000. It includes a 50 per cent overpayment facility and 3 per cent early repayment charge until 30 June 2018.

Those remortgaging will get a free valuation on all three products, up to a property value of £1m.

Ipswich is also extending end dates on two of its mortgages from 31 December 2017  until two years from completion.

The extension applies to the building society’s two-year discount at 3.79 per cent up to 95 per cent LTV and its large loan two-year discount product at 3.59 per cent up to 90 per cent LTV.

An Ipswich statement says the firm’s manual underwriting process will be used on all applications.

It says: “An alternative to the ‘computer says no’ approach of some high street lenders, the society will consider the case of those it classes as ‘mortgage misfits’, including self-builders, younger and older generations and the self-employed.”

Ipswich Building Society chief executive Paul Winter says: “We’re continuing to offer choice to home-buyers of all shapes and sizes, and these latest product updates may provide comfort to aspiring younger home-owners with low deposit savings but acceptable levels of affordability.

“We’ve also refreshed our larger loan mortgage products in response to the high demand from intermediaries and those seeking larger loans.”