Ipswich Building Society is offering a new two -year fixed rate 85 per cent loan-to-value product for remortgages.
The initial two-year fixed rate is 3.09 per cent until 31st October 2016 when it reverts to the society’s Standard Variable Rate – giving an overall cost for comparison of 5.2 per cent APR.
Head of mortgage sales Michelle Stevens comments: “We continue to offer a viable alternative to the larger banks as demonstrated by the launch of these competitive fixed-rate mortgages for remortgage and purchase.
“We’re open for business for those looking for a potentially better deal on their mortgage, as well as remaining committed to supporting so called “mortgage misfits” such as small business owners and the self-employed.
The product is available direct for properties in local postcode areas IP, NR, CO, CM, CB and PE and via intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Herefordshire.
Criteria:
• Fixed until 31st October 2016, subsequent variable rate 5.49 per cent, with an overall cost for comparison 5.2 per cent APR
• Free valuation, the product is available immediately but with limited availability
• Application fee, payable with application and non-refundable £150
• Completion fee £849
• No charge for overpayments of up to 50 per cent of original loan amount – early repayment charge period ends 31st October 2016.
• Maximum loan amount £500,000
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