Ipswich Building Society has expanded its ever growing range of mortgages with the launch of three new five-year fixed rate products, including a deal aimed specifically at buy-to-let landlords.
The lender, which only re-entered the buy-to-let market in March with two-year fixed rate and two-year discount deals, having not been active in the sector for two years as a consequence of IT changes and new lending regulations, sees the buy-to-let sector as an area for expansion.
The new five-year deal offers an opportunity for landlords to lock-in to a five-year fixed rate buy-to-let mortgage for purchases and remortgages at 3.25% up to 75% loan-to-value (LTV), with a completion fee of £1,300 and an application fee of £199 (5.1% annual percentage rate of charge).
The society also permits borrowers to take advantage of its 50% fee-free overpayment facility on all products, which allows borrowers to repay without penalty up to 50% of their original loan amount while still within the five-year fixed rate period.
Richard Norrington, chief executive of the Ipswich Building Society, said: “We understand that the needs of borrowers are ever changing, therefore we are constantly innovating and reviewing our mortgage offer to ensure we are offering an all-inclusive product range.
“We are committed to seeing diversity in mortgage lending and our new loans will further support those mortgage misfits who may find it difficult to access the mainstream mortgage market.
“In addition to this, our 50% fee-free payment facility offers added flexibility to borrowers especially in a longer term product.”
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