Ipswich Building Society launches new deal for older homeowners
Ipswich Building Society has launched a new product to its later life mortgage range and cut rates on its five-year fixed rate buy-to-let (BTL) products.
The five-year fixed rate later life product is available up to 75% Loan to Value (LTV) at 3.50% with a completion fee of £500.
Five-year buy-to-let deals are now available at 3.75% up to 80% LTV with a £950 completion fee, while an expat buy-to-let product is also available at 3.99% up to 75% LTV with a £999 completion fee.
The deals are available from five to 40 year terms up to a maximum loan of £500,000 and have an application fee of £199, CHAPs fee of £35 and a tiered valuation fee based on property value.
For standard buy-to-let and later life remortgage applications, there is a free valuation up to a property value of £1m and fee assisted legals.
Richard Norrington, CEO at Ipswich Building Society, said: “By recognising buyers’ demand for longer-term mortgage products at this time, and adjusting our rates to reflect this, we are pleased to offer our borrowers stability with regards to their monthly mortgage commitments.
“Landlords, including those based overseas, and older borrowers often have an unusual set of circumstances or changing lifestyles and incomes.
“Our manual underwriting approach, which sees real people making the decisions about affordability, allows us to assist borrowers who may otherwise be denied access by the automated approach deployed by some mortgage lenders.”
Last week, Ipswich Building Society reported a 35% drop in gross mortgage lending for the year ending 30 November 2018, to £104m from £159m in 2017.