People who work in the police service could take advantage of a mortgage designed especially for them which requires only a 5 per cent deposit.
Ipswich Building Society has partnered with Police Mutual, the UK’s largest affinity friendly society, that offers financial and welfare help and advice specifically for members of the police service and their families.
Requiring just a 5 per cent deposit the 95 per cent two-year mortgage is fixed at 5.49 per cent (5.9 per cent APR) while those able to put down at least 10 per cent can benefit from a lower 4.25 per cent two-year fixed deal (5.5 per cent APR). Both deals then transfer to the Ipswich’s standard variable rate of 5.49 per cent.
Completion fees for both products are £875 with application fees of £150.
Jo Leah, general manager sales, at Ipswich Building Society, said: “We are pleased to be working closely with Police Mutual as we share many of the same values. The new partnership is an exciting time for us as it enables us to offer a range of exclusive products to those currently serving in the force as well as their families.
“The development of a new 95 per cent mortgage is a fantastic opportunity for many first-time-buyers in the police family to take their first steps onto the property ladder.”
Police Mutual’s commercial director, James Henderson, said: “A key element of our mortgage approach is using our insight and unique knowledge of the Police Service to seek out exclusive deals for our members that aren’t available on the high street.”
