The Ipswich is asking for a 5% deposit on their new two-year fixed rate mortgage after research from the Building Societies Association showed that 61% of those living within the East of England felt that raising a deposit was the biggest obstacle to buying a house.
The mortgage is an ideal solution for first time buyers as well as those looking to move home or even for remortgaging.
Paul Winter, Chief Executive Ipswich Building Society, said:
“We believe that everyone should have the opportunity to purchase their own homes and we understand that saving for a large deposit is not a realistic option for many.
"As a result, we have worked hard to ensure that our portfolio of mortgage products provides access for a wide range of home buyers and those looking to remortgage.”
Highlights of the product include:
- A two year fixed rate of 5.75% (6% APR), fixed until 31 March 2014 which will then change to the Ipswich’s Standard Variable Rate (currently 5.49%).
- Available to first time buyers, home movers and those looking to remortgage their home with a maximum loan-to-value of 95%. Completion fee is £399, application fee is £150 and valuation fee is based on property valuation.
- The minimum loan amount is £50,000 rising to a maximum £350,000. There is an early repayment charge of 3% of the loan amount in the discounted rate period. There is no charge for overpayments of up to 50% of the original loan amount.
- The product is available to direct customers in England and Wales.
