"These new deals have been implemented to support diversity in the mortgage market where there are limited options for borrowers"
The new buy-to-let range includes two new five-year fixed rate products, including a deal for expats seeking to purchase or remortgage a property in the UK.
The five-year fixed rate is available from 3.50% up to 80% LTV with a £1,250 completion fee, and the expat product is available at 4.15% up to 75% LTV with a £1,499 completion fee.
Changes to its credit repair range see the introduction of three fixed rate options for borrowers wishing to have more certainty over their mortgage payments.
These continue to offer the credit repair guarantee, which pledges that borrowers who have made all payments on time over the initial fixed rate period can then transfer from the specialist product to any of its standard mortgage retention products.
Products include a near prime two-year fixed rate at 3.50%, a feather prime two-year fixed rate at 3.75%, and a credit recovery three-year fixed rate at 4.50%.
The products are available for purchase and remortgage through the Society’s panel of intermediaries and via selected broker partners.
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.
The Society has refreshed its credit repair criteria, making the products more accessible to borrowers with impaired credit. For those on a satisfactory debt management plan, any CCJs or defaults absorbed within the DMP will be ignored on proof of the instalment order.
Ipswich Building Society CEO, Richard Norrington, said: “We are excited to announce the launch of our new five 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.”
