Ipswich refreshes buy-to-let and credit repair ranges

Ipswich Building Society has launched two products to its buy-to-let range and three products to its credit repair range. 

There’s a a buy-to-let 5-year fixed rate at 3.50% with a maximum loan-to-value of 80%, an application fee of £199, completion fee of £1,250, CHAPS (Clearing House Automated Payment System) fee of £35 and tiered valuation fee based on property value apply.

For remortgage applicants, the society offers a free valuation for properties up to £1m, and fee assisted legals. Also there’s fee free overpayments up to 50% of the original loan amount and an early repayment charge of 5% applies.

Richard Norrington, Ipswich Building Society, chief executive, said: “We are excited to announce the launch of our new 5-year buy-to-let deals, and the introduction of fixed rate products for credit repair borrowers.

“These new deals have been implemented to support diversity in the mortgage market where there are limited options for borrowers who may not fit the requirements of some computer-based mortgage application processes, often employed by high-street lenders.

“We are confident that these enhancements to our mortgage range will boost our competitiveness and appeal to a wider range of customers.”

There’s an expat buy-to-let 5-year fixed rate at 4.15% with a maximum LTV of 75%, an application fee of £199, completion fee of £1,499, CHAPS fee of £35 and tiered valuation fee based on property value apply. And there’s a fee free overpayments up to 50% of the original loan amount and an early repayment charge of 5% applies.

The society has refreshed its credit repair criteria, making the products more accessible to borrowers with impaired credit.

For those on a debt management plan (DMP) which is being conducted satisfactory, any CCJs or defaults absorbed within the DMP will be ignored on proof of the instalment order.

Products for those with credit repair products are available for purchase and remortgage through the society’s panel of Prestige intermediaries and via selected broker partners, for borrowers with increasing tiers of credit repair.

There’s a near prime 2-year fixed rate at 3.50% with fee free overpayments up to 50% of the original loan amount and an early repayment charge of 3% applies.

A feather prime 2-year fixed rate at 3.75% is also available and fee free overpayments up to 50% of the original loan amount and an early repayment charge of 3% applies.

There’s a credit recovery 3-year fixed rate at 4.50% and fee free overpayments up to 50% of the original loan amount and an early repayment charge of 3% applies.

These credit repair products are available for loans from £100,000 to £350,000, and have an application fee of £199, a completion fee of £800, a CHAPS fee of £35 and a tiered valuation fee based on property value.

On all products for overpayments in excess of 50% of the original loan amount, or early redemption, an Early Repayment Charge applies.

For overpayments this charge is calculated on the overpayment amount exceeding the 50% allowance, and for early redemption is calculated on the original loan amount.

 

 

 

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