Ipswich Building Society has added two low fee buy to let loan products to its range aimed at buy to let investors.
Ipswich’s new releases are aimed at landlords aiming to purchase or remortgage with a loan up to £150,000. The lender has created a new buy to let two-year fixed rate product at 2.95 per cent for purchase and remortgage up to 75 per cent LTV. Ipswich is also introducing a five-year fixed rate deal at 3.27 per cent, available for purchase and remortgage.
For both loans, the maximum LTV is 75 per cent. The completion fee will be 0.5 per cent of the loan amount. There is also a £199 application fee. The products have a maximum loan size of £150,000 and a minimum loan size of £75,000.
For both products, borrowers repay without penalty up to 50 per cent of their original loan amount while in the fixed rate period.
For residential and buy to let remortgage applicants, Ipswich Building Society offers fee assisted legals and a free valuation up to a maximum property value of £1 million. The range is a offered to direct applicants in England and Wales, and through selected intermediary partners and all intermediaries based in the Suffolk heartland area.
Ipswich Building Society chief executive Richard Norrington commented on the products: ‘We are continuing to offer competitive products in the buy to let market and are pleased to expand our existing range with two new products that will provide new options to those seeking a low loan deal. The smaller fee size is a further benefit, which will make the products more attractive to a new variety of borrowers including those remortgaging from other lenders and wishing to take advantage of transitional arrangements. By employing a manual approach to underwriting, we will be able to offer choice to creditworthy buy-to-let borrowers who may be finding it challenging to get on the property ladder.’