Ipswich BS launches new later life product

Ipswich Building Society has announced a new five-year discount product within its later life mortgage range.

Available to borrowers aged 50 or over, the 75 per cent LTV offering comes with a 2.49 per cent discount applied to the standard variable rate of 5.74 per cent, leaving a pay rate of 3.25 per cent.

It commands an application fee of £199, a completion fee of £500, a CHAPS fee of £35, and a valuation fee. Remortgages, however, come with a free valuation and fee assisted legals.

Ipswich Building Society chief executive Richard Norrington says: “Lending into retirement plays an essential role in supporting the changing dynamics of many households around the UK.

“We know that older borrowers have unique mortgage needs caused by changing sources of income and lifestyle, and since launching our range of later life mortgages earlier this year, we have received a great response from direct applicants and intermediaries.”

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