Products designed to increase choice for borrowers aged 50 plus
- Credit: Archant
Ipswich Building Society launches new `later in life’ mortgages, with no upper age limit.
Ipswich Building Society has introduced a new mortgage range for those borrowing into later life, with both discount and fixed rate deals, specially tailored to the needs of those aged 50 and upwards, with no maximum age restriction and up to a 40 year term.
Loans are also available on an interest only basis up to 50% Loan To Value (LTV) providing there is a minimum of £150,000 equity in the property.
Since the implementation of the Mortgage Market Review (MMR) in 2014, borrowers in their mid-forties and above have had a reduced choice of mortgage products in the UK. This, coupled with updates to state pension and retirement laws, has significantly changed the borrowing patterns of the older population.
With a demand for better choice, Ipswich Building Society has launched three new products to help increase options and accessibility for older borrowers.
The following products have been launched and will be available to direct customers across England and Wales and through selected intermediaries, for purchase and remortgage applicants:
A 2 year discount rate at the Society’s Standard Variable Rate (currently 5.49%) minus 3.14%, giving a pay rate of 2.35% for two years from the completion date (5.2% APRC*), with a completion fee of £500.
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A 2 year fixed rate at 2.75% until 30 September 2020 (5.1% APRC*), with a completion fee of £500.
A 5 year fixed rate at 3.50% until 30 September 2023 (4.8% APRC*), with a completion fee of £500.
More details from Ipswich Building Society.