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Ipswich cuts BTL rates and charges; issues new later life mortgage

Ipswich Building Society has announced changes to its BTL fixed rate product range and introduced a new later life mortgage.

Specifically, the 80 per cent LTV five-year BTL product has been cut from 3.99 per cent to 3.75 per cent and had its completion fee reduced from £1,250 to £950.

Meanwhile, the expat 75 per cent five-year BTL product has had its rate chopped from 4.15 per cent to 3.99 per cent and its completion fee reduced from £1,499 to £999.

The new later life product is also a five-year fix, at 75 per cent LTV and coming in at 3.50 per cent and charging a completion fee of £500.

Earlier this month, the lender introduced three new 50 per cent LTV RIO products to its proposition.

On its newest announcement, Ipswich chief executive Richard Norrington says: “Landlords, including those based overseas, and older borrowers often have an unusual set of circumstances or changing lifestyles and incomes.

“Our manual underwriting approach, which sees real people making the decisions about affordability, allows us to assist borrowers who may otherwise be denied access by the automated approach deployed by some mortgage lenders.”

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