Ipswich Building Society has reduced the rates and fees on its existing buy-to-let 5-year fixed rate products and launched a product to its existing range of later life mortgages.
Both buy-to-let rates are a 5-year fix. There’s a 3.75% at 80% LTV, with a completion fee of £950 and an expat buy-to-let at 3.99% and 75% LTV with a completion fee of £999.
There’s also a 5-year fixed later life fixed rate at 3.50% and 75% LTV with a £500 completion fee and minimum loan of £25,000.
Richard Norrington, chief executive at Ipswich Building Society, said: “By recognising buyers’ demand for longer term mortgage products at this time, and adjusting our rates to reflect this, we are pleased to offer our borrowers stability with regards to their monthly mortgage commitments.
“Landlords, including those based overseas, and older borrowers often have an unusual set of circumstances or changing lifestyles and incomes.
“Our manual underwriting approach, which sees real people making the decisions about affordability, allows us to assist borrowers who may otherwise be denied access by the automated approach deployed by some mortgage lenders.”
All deals are available from five to 40-year terms up to a maximum loan of £500,000 and have an application fee of £199, CHAPs fee of £35 and a tiered valuation fee based on property value.
For standard buy-to-let and later life remortgage applications, there is a free valuation up to property value of £1m and fee assisted legals.
During the fixed rate period the products offer fee-free overpayments up to 50% of the original loan amount.