Ipswich Building Society has launched three new mortgage deals available at higher loan-to-value (LTV) for borrowers with low deposits.
The society is now offering a two-year discount mortgage at a rate of 3.79 per cent at 95 per cent LTV. The product is available for loans up to £350,000 and offers a £199 application fee, no completion fee, unlimited overpayments and no early repayment charge. The annual percentage rate (APR), which is the overall cost for comparisons, stands at 5.3 per cent.
Another two-year deal at 95 per cent LTV is for a shared ownership discounted mortgage at a rate of 4.49 per cent (5.5 per cent APR) up to a maximum loan size of £350,000 and available with an application fee of £199, no completion fee, unlimited overpayments and no early repayment charge.
The third offer is at a higher LTV, of 80 per cent, it is a two-year discount mortgage at a rate of 2.24 per cent and is available for purchases and remortgages. The product is also available for loans up to £350,000 and has an application fee of £199, no completion fee, unlimited overpayments and no early repayment charge. Borrowers who are remortgaging can also get a free evaluation and fee-assisted legals.
In all cases of mortgage applications, Ipswich will apply its manual underwriting process to give a fair assessment of affordability. The society says it will consider the case of those it classes as ‘mortgage misfits’, including self-builders, younger and older generations and the self-employed.
“We’re continuing to offer choice to home-buyers of all shapes and sizes, and these latest products may provide comfort to aspiring younger home-owners with low deposit saving but acceptable levels of affordability,” Paul Winter, chief executive of Ipswich, commented.
