Ipswich Building Society has expanded its buy to let range, offering new five-year fixed rate mortgages for customers in the sector, as well as for those in the residential and shared ownership markets.
The building society is offering a five-year buy to let fixed rate deal, also available for purchases and remortgages. The product has a rate of 3.25 per cent up to 75 per cent LTV, with a completion fee of £1,300 and an application fee of £199.
A residential five-year fixed rate for both purchases and remortgages at 2.79 per cent is also on offer, up to 90 per cent loan-to-value (LTV), with a completion fee of £800 and an application fee of £199.
Finally, a shared ownership option is available for purchases only at 4.69 per cent up to 95 per cent of the share, with an application fee of £199 as well as no completion fees.
All products are offered as fixed until 31 August 2022 before reverting to the society’s standard variable rate, which is currently 5.24 per cent, for the remainder of the term.
Affordability for the new five-year deals will be calculated through applying a stress test based on the product pay rate only.
Borrowers are able to repay up to 50 per cent of their original loan amount without penalty during the five-year fixed rate period, as with other Ipswich products.
Chief executive of Ipswich, Richard Norrington, said: ‘We understand that the needs of borrowers are ever changing, therefore we are constantly innovating and reviewing our mortgage offer to ensure we are offering an all-inclusive product range. We are committed to seeing diversity in mortgage lending and our new loans will further support those mortgage misfits who may find it difficult to access the mainstream mortgage market. In addition to this, our 50 per cent fee free payment facility offers added flexibility to borrowers especially in a longer term product.’