Ipswich Building Society will be aiming to help borrowers achieve their new year’s resolutions of home ownership thanks to a competitive offer for first time buyers living in the East of England.
The Society has launched a new two year fixed rate 95 per cent loan-to-value (LTV) product aimed at first time purchasers with a minimum of 5 per cent deposit.
The new product’s overall cost for comparison is 5.6 per cent APR with an initial rate of 4.89 per cent until 31 March 2016. Other new two year fixed rate products are once again available alongside a two year variable shared ownership product, and a two year variable self-build product. The new fixed product will be available direct and via selected mortgage brokers.
All Ipswich Building Society mortgage products are personally underwritten, ensuring that sensible judgment is used to assess whether an application meets the criteria.
Ipswich Building Society, chief executive, Paul Winter comments: “Ipswich Building Society led the way alongside other building societies and mutuals with its original 95 per cent LTV mortgage in tough economic circumstances. We listened to our members and intermediaries then and we’re listening to them now with this new product offering.”
Criteria applicable to the product:
- Fixed until 31st March 2016, subsequent rate 5.49 per cent, with an overall cost for comparison 5.6 per cent APR
- Mortgage available for direct applicants in local postcode areas IP, NR, CO, CM, CB and PE and selected intermediaries in Ipswich Building Society’s heartland
- The product is available from the 16th December but with limited availability.
- Application rate, payable with application and non-refundable £150
- Completion fee £975
- No charge for overpayments of up to 50 per cent of original loan amount
- Early repayment charge period ends 31 March 2016
- Overpayment of 50 per cent or above, the ERC is 3 per cent of the overpayment
- Redemption, the ERC is 3 per cent of the original loan amount
Loading ...