PropertyInvesting.net: property investment ideas, advice, insights, trends
Propertyinvesting.net: Property Investment ideas, advice, insights, trends

PropertyInvesting.net: Property Investment News

 Property News

more news articles...

Ipswich Building Society offers fixed and discount rate mortgage deals for buy-to-let borrowers


03-20-2017

 

Ipswich Building Society has returned to the buy-to-let mortgage market with two new products, a two-year fixed rate and a two-year discount deal.
Picture: Joe Giddens/PA Wire

Ipswich Building Society has returned to the buy-to-let mortgage market with two new products, a two-year fixed rate and a two-year discount deal. Picture: Joe Giddens/PA Wire

Ipswich Building Society has returned to the buy-to-let mortgage market with the launch of two-year fixed rate and discount rate loans.

 
Richard Norrington, Ipswich Building Society chief executive.
Richard Norrington, Ipswich Building Society chief executive.

Both products are on offer to direct applicants and via selected intermediaries, including the society’s Prestige partners.

And the society is also accepting remortgage applications from existing buy-to-let borrowers with other lenders – subject to the level of rental income – in a move it says will increase the options available to borrowers restricted by the Financial Conduct Authority’s rules on mortgages for buy-to-let landlords.

The launch of the buy-to-let products marks a further step in the society’s return to active marketing following a pause during 2015 as a result of IT changes and new lending regulations.

It made a successful return to the mainstream mortgage market last year, with the number of applications processed by the society in the 12 months to November 30, 2016 jumping to 1,011, from 617 the previous year, including 113 by self-build borrowers.

Ipswich Building Society's Freehold House headquarters at The Havens, Ipswich.Ipswich Building Society's Freehold House headquarters at The Havens, Ipswich.

Last month, the society extended its commitment to helping so-called “mortgage misfits” – would-be borrowers whose circumstances don’t meet the standard underwriting criteria of most lenders – by changing its lending terms to allow workers on zero hour contracts access to its mortgage products, subject to details of their working history and earnings.

Richard Norrington, chief executive at 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.”

The fixed rate buy-to-let product offers a rate of 3.39% (5.1% APRC – the annual rate charge for borrowing as a percentage over the term of the loan), with an end date of April 30, 2019.

The discount rate of minus 2.05% represents a current rate payable of 3.44% (5.0% APRC), with an end date two years from the date of completion.

Both are available for purchase or remortgage for mortgages of up to £500,000 with a loan-to-value ratio (LTV) of up to 75%.

For both products there is an application fee of £199, a completion fee of £1,300 and a standard valuation fee based on property valuation. Borrowers who are remortgaging will receive a free valuation (up to a property value of £1m) and fee assisted legals.

www.ipswichstar.co.uk/

back to top

Site Map | Privacy Policy | Terms & Conditions | Contact Us | ©2018 PropertyInvesting.net