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Ipswich adds 5-year fixed deals

Jake Carter

February 27, 2020

housing

Ipswich Building Society has launched three 5-year fixed rate products.

The products include a 95% LTV 5-year fix at 3.40%. This offering is within the lender’s residential range, has a £999 fee, 5% ERCs and fee free overpayments up to 50% of the original loan amount.

A 95% LTV 5-year fix at 3.80% has also been added. This product is for shared ownership only, includes no fees, 5% ERCs and fee free overpayments up to 50% of original loan amount.

Furthermore, the lender has added a 80% 5-year fix at 3.45%.

This deal is within the holiday-let range, includes £1,149 fees, 5% ERCs and also fee free overpayments up to 50% of original loan amount.

All three products have a £35 CHAPS fee and for early redemption, there is a charge of 5% of the original loan is payable.

The products are available to direct applicants in England and Wales, as well as intermediaries based in the society’s heartland and selected networks and clubs nationwide.

Richard Norrington, chief executive at Ipswich Building Society, said: “Just a matter of weeks ago, the markets were betting on an interest rate cut due to weak economic growth.

“However, following Rishi Sunak’s appointment as chancellor of the exchequer and talk of a big boost to public spending in next month’s Budget, some are now predicting higher interest rates on the horizon.

“These sorts of conflicting reports can cause real anxiety, particularly for first-time buyers who are on the brink of taking out their first mortgage.”


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