Mortgage shake-up at Ipswich

Ipswich Building Society has announced new changes to its mortgage products.

11:59 01 June 2004

Ipswich Building Society has announced new changes to its mortgage products.

From today, June 1st, Ipswich will introduce several new products.

A new three-year fixed rate mortgage is now being offered with a choice of rates of either 5.75 per cent (6.3 per cent APR), or 5.95 per cent (6.3 per cent APR) for mortgages up to 95 per cent LTV.

There is an arrangement fee of 295 and the minimum loan is 25,000, with a maximum of 350,000.

A new fee-free remortgaging plan is now on offer, fixed for the next three years, until October 31st 2007. The rate is set at 5.85 per cent (6.2 per cent APR) and there is no arrangement, application or insurance administration fee.

Offer changes include: the "Discount Buy To Let" arrangement fee increasing to 325, and the "Discount Affordable Home Loan" now having no fees attached to it.

Ipswich has also announced investments changes, which came into effect this morning.

All existing variable rate accounts have increased by 0.25 per cent; the Heritage Bond 12 and Heritage Tracker 4 have been withdrawn and replaced by the 'Heritage Tracker 5', with improved maximum investment and rate structures; and a new issue of Fixed Rate ISA(5), a mini cash ISA has been brought out.

Finally, a new stepped rate bond, called 'Premier Step' has been launched. It's interest rate increases by one per cent each year, starting at four per cent until August 31st 2005.