Ipswich launches B2L discount mortgage

Ipswich has launched a discount buy-to-let mortgage with no early repayment charge to coincide with the introduction of its online case tracking service for intermediaries on December 12.

The product, which is discounted by 1.5% until February 29 2008 and has an initial rate of 4.90%, allows landlords to move to any other product during the two-year discount period.

The mortgage has an 80% maximum LTV for purchase and remortgage and requires 130% rent cover based on a pay rate of 4.90%. The completion fee of 1,295 can also be added to the loan. Once the discounted period has passed, the mortgage reverts to Ipswich’s SVR.

Existing members of the society also have the incentive of free valuation.

The society’s online tracking service will give intermediaries the ability to track a case on the Ipswich homepage or a short cut to producing an online KFI.

Paul Winter, sales and marketing director, says: “We now have in place a facility that many of our larger competitors don’t offer.

“Financial advisers are keen to have the ability to track their cases online, so those lenders that are early to offer this service will be in a good position to increase their business with intermediaries.”