Ipswich enters buy-to-let market

Ryan Bembridge

March 16, 2017

Ipswich Building Society has returned to the buy-to-let market with a 2-year fix at 3.39% and a 2-year discount at 3.44% for purchase and remortgage.

Both products are to 75% loan-to-value for mortgages up to £500,000 and come with an application fee of £199, a completion fee of £1,300 and a standard valuation fee.

Remortgagors will benefit from a free valuation up to a property value of £1m and fee assisted legals.

Richard Norrington, chief executive, Ipswich Building Society, said: “We continue to provide choice in the marketplace for mortgage misfits and those who may not fit a ‘one size fits all’ assessment.

“By employing a manual approach to underwriting, with consideration of each application based on individual circumstances, this new initiative will help creditworthy buy-to-let borrowers who may be finding it hard to remortgage away from their existing lender.”

Ipswich will accept remortgage applications from existing buy-to-let borrowers of other lenders where rental income is 125% of mortgage pay rate.

The society was the first lender post-Mortgage Market Review to utilise residential transitional arrangements, enabling borrowers to switch lenders without falling foul of affordability assessments.

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