Ipswich Building Society has launched a 90% LTV 5-year fix at 3.45%.
The product is fixed for 60 months from the date of completion, loans are from £25,000 to £500,000, while it comes with a £199 application fee and £800 completion fee.
Ipswich has cut two other rates, as there is now a 2-year discounted rate at 2.99%, down from 3.50%, as well as a 2-year fixed rate at 3.25%, from 3.75%.
Richard Norrington, chief executive 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 5-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.”
This trio of products are available to standard residential borrowers but these 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.
All products have a CHAPS fee of £35 and a tiered valuation fee based on property value applies.
Remortgage applicants benefit from a free valuation and access to fee assisted legal services.
This post has originally been featured in Property Wire.