Ipswich BS launches new ‘competitive’ BTL product...

Ipswich Building Society has released two new ‘attractive’ buy-to-let products in a bid to win more business from private landlords purchasing or remortgaging property.

The lender has launched a new buy-to-let two-year fixed rate product at 2.95% for purchase and remortgage up to 75% loan-to-value (LTV).

Ipswich is also introducing a five-year fixed rate deal at 3.27%, available for purchase and remortgage, also at up to 75% LTV.

For both products, there is a maximum loan size of £150,000 and a minimum loan size of £75,000, with borrowers permitted to repay without penalty up to 50% of their original loan amount while in the fixed rate period.

In addition, buy-to-let - and residential - remortgage applicants are also offered fee assistance with their legal costs and a free valuation up to a maximum property value of £1m.

Richard Norrington, chief executive at Ipswich Building Society, said: “We are continuing to offer competitive products in the buy-to-let market and are pleased to expand our existing range with two new products that will provide new options to those seeking a low loan deal.

“The smaller fee size is a further benefit, which will make the products more attractive to a new variety of borrowers including those remortgaging from other lenders and wishing to take advantage of transitional arrangements.

“By employing a manual approach to underwriting, we will be able to offer choice to creditworthy buy-to-let borrowers who may be finding it challenging to get on the property ladder.”

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