Ipswich cuts rates on 5-year fixed BTL products

Available for purchase and remortgage are a buy to let fixed at 3.75% with a completion fee of £950, for maximum 80% LTV and a minimum loan of £75k (5.0% APRC), and an expat BTL fixed at 3.99% with a completion fee of £999, to a maximum of 75% LTV and a minimum loan of £75k (5.1% APRC). Both are fixed until 30 June 2024.

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 BTL 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.

Richard Norrington, CEO, Ipswich Building Society, said of the rate refresh:

“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.”