Ipswich returns to high-LTV resi and BTL lending
Updated: Sep 15, 2020
Ipswich Building Society has brought a selection of higher-LTV products for residential and buy-to-let borrowers back to market.
Within its residential offerings, the lender has issued an 85 per cent LTV two-year fix at 2.99 per cent with a £199 application fee and £800 completion fee. Ipswich is also offering an 85 per cent LTV two-year 2.64 per cent discount, giving an initial rate of 2.60 per cent.
In its BTL range, the building society has launched an 80 per cent LTV two-year 2.25 per cent discount that gives an initial rate of 2.99 per cent. It commands a £199 application fee and a £950 completion fee.
As well as this, BTL borrowers can choose from an 80 per cent LTV two-year 1.99 per cent discount, resulting in an initial rate of 3.25 per cent and a five-year fix at 3.80 per cent.
These latter two options ask for a £199 application fee and £999 completion fee.
Finally, three new holiday let mortgages have been launched.
All require a £199 application fee and £950 completion fee and comprise a two-year fix at 3.25 per cent, a five-year fix at 3.75 per cent, and a two-year discount of 2.25 per cent giving an initial rate of 2.99 per cent.
Ipswich adds that it is now lending on properties worth over £1m again, too.
Ipswich chief executive Richard Norrington says: “We’ve been keeping a keen eye on the market and taken careful consideration over the appropriate time to re-enter. It is important we introduce and maintain a suitable range of products which enable us to uphold our service standards.
“We’re particularly pleased to be offering 85 per cent loan-to-value residential mortgage products as part of a stepped re-entry into the higher LTV market, with a view to returning to 90 per cent lending in the future.”