Ipswich unveils later life range with the option of interest-only

Ryan Bembridge

June 7, 2018

Ipswich Building Society has launched a mortgage range for the over-50s with no maximum age restriction and a 40-year term.

Customers can choose to take out loans on an interest-only basis, capital repayment, or part and part, though the maximum loan-to-value on interest-only is 50% and applicants have to have at least £150,000 of equity in their property.

The rates are available direct and through intermediaries in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire, as well as to members of a number of clubs and networks.

Richard Norrington, chief executive at Ipswich Building Society, said: “The introduction of our mortgage range for those borrowing into later life strengthens our commitment to providing diversity in the mortgage market.

“We have launched these products to assist with demand as we are aware that borrowers in later life have unique mortgage needs caused by changing sources of income and lifestyle.

“We have a wealth of experience in dealing with older customers, who contribute to a large percentage of our existing saving and borrowing members.”

Ipswich’s products include a 2-year discount at 2.35% to 75% loan-to-value with no early repayment charge and a £500 completion fee.

Also available is a 2-year fix at 2.75% and a 5-year fix at 3.50%, both to 75% LTV with £500 completion fee.

All products have an application fee of £199, a CHAPS (Clearing House Automated Payment System) fee of £35 and a tiered valuation fee based on property value.

The society accepts pension income when assessing affordability.

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