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Ipswich launches discount B2L tracker at 5.65%

Ipswich has launched a discount buy-to-let mortgage with a rate of 5.65% and a maximum LTV of 75%.

The product tracks Ips- wich’s SVR with a discount of 1.5% until August 31 2010 with no early repayment charges.

Paul Winter, chief executive of Ipswich, says: “Rises in the Bank of England base rate have dramatically boosted the number of landlords who plan to move to whichever lender off-ers the cheapest products.

“Gone are the days when a buy-to-let lender could rely on landlord inertia. Rental yields in most areas of the UK are tightening, so interest rate savings of as little as 0.1% can make the difference between profit and loss. Even small landlords are conscious of this.”

He adds: “Unlike the home purchase sector, where intense competition means uncompetitive products don’t attract business, the buy-to-let sector features a lot of uninspiring mortgages.” Winter says lenders often think they can get away with more costly buy-to-let products because client loyalty tends to be greater in the sector.

He adds: “However, with rental yields across the country getting tighter, this is no longer the case.”

Jonathan Burridge, managing director at Quantum Mortgage Brokers, says: “This product is keenly priced. But with a maximum LTV of 75%, I would expect it to have limited appeal.

“There are lenders with more generous LTVs and they are more likely to attract attention.”


Regulators attempt to make their mark

This week could be a big one for the industry as the Financial Services Authority finally reveals its thoughts on the thorny issue of commission. The FSA has spent a long time pondering how to address the alleged failings of the commission-led market and on Wednesday, many interested parties will be keen to see how the watchdog plans to improve things.

Hazel Blears to head up DCLG

Hazel Blears has reportedly replaced Ruth Kelly as communities secretary heading up the Department of Communities and Local Government. Although the government has refused to confirm appointments, the BBC website has reported that Kelly has been moved over to the role of transport secretary while Blears, the MP for Salford, has taken over the government […]

Loanoptions wins emerging business award, the Wilmslow- based secured loans business, has won the Emerging Business Award at Ernst & Young’s Northern Region Entrepreneur of the Year awards. The awards were held on June 18 at the Hilton Hotel in Manchester. is owned and run by Andrew Moody, who set up the business three years ago. It has […]

Openwork POS averaging 485 applications a day

Openwork has revealed its mortgage point of sale solution is averaging 485 applications per day. Openwork Trading Platform for Mortgages was rolled out on a phased basis from winter 2006 and is currently being used by 2,600 advisers.To date, 54,000 new applications have been submitted since the launch of the solution, which averages at 485 […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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