Ipswich Building Society has launched a 5-year discount product at 75% loan-to-value for borrowers over the age of 50.
The product is discounted at 2.49% from the society’s standard variable rate and is currently priced at 3.25% for loans up to £500,000.
It comes with a £199 application fee, £500 completion fee, £35 CHAPS fee and a fee based on the valuation. For remortgage applicants there is a free valuation up to property value of £1m and fee assisted legals.
Richard Norrington, chief executive of Ipswich Building Society, said: “The new 5-year mortgage is a longer-term option giving older borrowers increased choice and allows us to better support, for example, borrowers who may be seeking to secure their dream retirement property, which may require funds either set aside for renovations, or those who are not yet ready to undertake a sale and downsize property move.”
The society is offering fee free overpayments up to 50% of the original loan amount for three years following completion.
The range is available to direct applicants across England and Wales, and through intermediaries based in the society’s heartland area and members of selected networks and clubs.