Ipswich takes wraps off new fixed rates
The new mortgages consist of a fixed rate of 4.05% until 30 April 2005; a fixed rate of 4.5% until 30 April 2006; a fixed rate of 3.25% until 30 April 2005; and, a new 5.25% buy-to-let loan where the rate is fixed until 30 April 2005. On all of its products, Ipswich allows borrowers to reduce their loans to 50% without incurring an early redemption penalty.
Commenting on the mortgages, Paul Winter, Ipswich Building Society sales and marketing director, said: “We believe that the ability of borrowers to reduce the loan to 50% without an early redemption charge is most unusual and is one of the strongest selling points with intermediaries.”
On all the new fixed products there is an arrangement fee of £250, which can be added to the loan. Interest is calculated on a daily basis and all schemes are portable. There are no compulsory insurances.