Ipswich Building Society launches two small loan buy-to-let products
Ipswich Building Society has launched two buy-to-let products for loans smaller than £150,000.
They are a 2-year fix at 2.95% to 75% loan-to-value and a 5-year fix at 3.27% to 75% LTV, both with a 0.5% completion fee and £199 application fee.
Richard Norrington, chief executive at Ipswich Building Society, said: “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.”
Borrowers can repay 50% of their original loan amount while in the fixed rate period without penalty.
For residential and buy-to-let remortgage applicants, the society offers fee assisted legals and a free valuation up to maximum property value of £1m.
The range is available to direct applicants in England and Wales, and via selected intermediary partners and all intermediaries based in the Suffolk heartland area.