The new products include a two-year fixed rate at 2.75% and a two-year discounted SVR with a current pay rate of 2.35%, both with an £800 completion fee. The mortgages are available from five to 40 years with no maximum age and have an application fee of £199, £35 CHAPs fee and a tiered valuation fee based on property value.
For remortgage applicants there is a free valuation (up to property value of £1m) and fee assisted legals.
On both products for overpayments in excess of 50% of the original loan amount, or early redemption, an early repayment charge applies.
Richard Norrington, CEO at Ipswich Building Society, said: “We recently introduced our later life range with products at a lower tier of 75% LTV for applicants aged 50+, and having recognised a gap in our portfolio for borrowers with a larger deposit or amount of equity in their property we have now launched two new residential mortgages available from 75% LTV.
We’re proud of our ability to have real people making expert decisions on a person’s affordability. This personal approach to underwriting has enabled us to operate efficiently while offering greater choice in the mortgage market, and assist an increasing number of borrowers both directly and through our valued intermediary relationships.”
