Ipswich Building Society extends holiday let range

Michael Lloyd

January 15, 2020

Ipswich Building Society has extended the availability of its holiday let mortgage products to allow applications for properties located across the entirety of England and Wales.

Previously, properties needed to be based in the society’s heartland area of Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.

Richard Norrington, chief executive, Ipswich Building Society, said: “Back in August of last year, holiday let was a new product for us, and having tested the waters with local properties and local landlords, we’re now in a position to roll this out more widely.

“We’ve had considerable interest from intermediaries and look forward to helping many more people become holiday let landlords.

“With increasing numbers of Brits taking a serious look at their carbon footprint and trying to reduce the number of flights they take, as well as exchange rates making the UK an appealing holiday destination for foreign tourists, the outlook for the holiday let market looks set to be promising.”

Within the holiday let range, there is a 2-year fix at 2.95%, a 3-year fix at 3.10% and a 2-year discount at the society’s standard variable rate, currently 5.74%, minus 2.94%, giving a pay rate of 2.80%.

These products have a maximum LTV of 80% and are available on capital and an interest or interest-only repayment basis.

They have a maximum 30-year term with no maximum age restriction and a minimum loan cap of £75,000 and a maximum of £500,000.

The products have a minimum property value of £100,000.

There is an application fee of £199, a completion fee of £950, a CHAPS fee of £35 and a tiered valuation fee based on the property value.

For remortgages there is a free valuation up to a maximum property value of £1m and access to fee assisted legal services.

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