Ipswich building society has announced the launch of two new 95 per cent LTV products for “local” first-time buyers.
Called “Heartland exclusive”, the deal is only available to borrowers looking at property in Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, Bedfordshire and Buckinghamshire.
Applicants may use gifted funds for the 5 per cent deposit, but without 12 months’ of rental history, would-be borrowers will be restricted to 90 per cent LTV.
The products include a two-year fixed rate at 2.93 per cent with a completion fee of £800 and a discounted rate at the society’s SVR, which is currently 5.74 per cent, reduced to 2.73 per cent, for two years from the completion date.
Both products come with an application fee of £199 and a CHAPs fee of £35.
The products offer fee-free overpayments up to 50 per cent of the original loan amount.
Ipswich BS chief executive Richard Norrington says: “I am delighted we are able to assist FTBs purchasing their property in our heartland area with these dedicated products.”