"I am delighted we are able to assist first time buyers, purchasing their property in our heartland area, with these dedicated products."
Ipswich Building Society has launched two new 95% LTV mortgages for first-time buyers which are available to applicants with gifted deposits, including entirely gifted funds for those who have been renting for 12 months or more.
The ‘heartland exclusive’ products include a two-year fixed rate at 2.93% with a £800 completion fee and a discounted variable rate of 2.73% for two years with no completion fee.
Mortgages are available up to 40-year terms on a maximum loan size of £500,000 and have an application fee of £199.
During the fixed or discount rate period the products offer fee-free overpayments up to 50% of the original loan amount.
The new deals are exclusive to property purchases within Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, Bedfordshire, and Buckinghamshire.
Richard Norrington, CEO at Ipswich Building Society, said: “As a mutual organisation we are committed to supporting our members and local communities. I am delighted we are able to assist first time buyers, purchasing their property in our heartland area, with these dedicated products.
“Our manual underwriting process allows us to better understand the personal circumstances of applicants, meaning we are often able to lend to people who might be turned down by a provider with an automated application process. This manual approach can be extremely beneficial for first time buyers who may need a helping hand as they embark on an unfamiliar journey towards home ownership.”