"The popularity of our current two 90% LTV mortgage deals made it very clear that there’s a real need in the market to serve those applicants looking to purchase with a smaller deposit."
The Society has reduced its two-year discounted rate at 90% LTV from 3.50% to 2.99% and its two-year fixed rate from 3.75% to 3.25%.
All three products are available at 90% LTV with a minimum loan of £25,000, a maximum loan of £500,000, application fee of £199 and completion fee of £800.
The products are not available to applicants who are self-employed or on furlough, or to mortgage holders currently on a payment deferral with their existing lender. In addition, applicants who have taken a payment deferral on their existing mortgage or have been furloughed since 30 September 2020 are not eligible. Those who were furloughed before this date must have returned to full-time work to be eligible.
Richard Norrington, CEO at Ipswich Building Society, said: “The popularity of our current two 90% LTV mortgage deals made it very clear that there’s a real need in the market to serve those applicants looking to purchase with a smaller deposit. Repricing these products makes them accessible to even more people, allowing us to address the industry’s pent-up demand, as well as allow more people to acquire their dream home.
“Our five-year fixed rate deal is particularly exciting, offering a competitive rate and stability over a longer time period, which will no doubt be welcome news to borrowers in the current climate.”
