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Ipswich unveils ‘low loan, low fee’ BTL products

landlord, BTL, words 

Ipswich Building Society has launched two buy-to-let low loan, low fee products.

The mortgages are aimed at buy-to-let borrowers looking to purchase or remortgage with a loan up to £150,000.

The two products offer the same fixed rates as the lender’s main range, but have a reduced completion fee.

Ipswich has brought in a buy-to-let two-year fixed rate at 2.95 per cent for purchase and remortgage up to 75 per cent LTV.

The lender is also bringing in a five-year fixed rate at 3.27 per cent for purchase and remortgage.

The maximum LTV for both loans is 75 per cent, the completion fee will be 0.5 per cent of the loan amount and there is a £199 application fee.

All products have a maximum loan size of £150,000 and a minimum loan size of £75,000.

Both also let borrowers repay without penalty up to 50 per cent of their original loan amount while in the fixed rate period.

Ipswich Building Society chief executive Richard Norrington says: “We are continuing to offer competitive products in the buy-to-let market and are pleased to expand our existing range with two new products that will provide new options to those seeking a low loan deal.

“The smaller fee size is a further benefit, which will make the products more attractive to a new variety of borrowers including those remortgaging from other lenders and wishing to take advantage of transitional arrangements”.

“By employing a manual approach to underwriting, we will be able to offer choice to creditworthy buy-to-let borrowers who may be finding it challenging to get on the property ladder.”

For residential and buy-to-let remortgage applicants, the Society offers fee assisted legals and a free valuation (up to maximum property value of £1m). The range is available to direct applicants in England and Wales, and via selected intermediary partners and all intermediaries based in the Suffolk heartland area.


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