Ipswich BS expands later life mortgage offering

Introduced earlier this year, the Society’s specialist mortgage range for borrowers aged 50 and over offers availability up to a 40-year term with no maximum age limit.

In addition to the existing two-year options, borrowers can now choose a five-year discount rate of 3.25% at 75% LTV for loans up to £500,000. An application fee of £199, completion fee of £500, CHAPS fee of £35 and a valuation fee based on property valuation applies. For remortgage applicants, there is a free valuation (up to property value of £1m) and fee assisted legals.

The Society is offering fee-free overpayments up to 50% of the original loan amount for three years following completion.

Richard Norrington, Ipswich Building Society CEO, commented: “Lending into retirement plays an essential role in supporting the changing dynamics of many households around the UK. We know that older borrowers have unique mortgage needs caused by changing sources of income and lifestyle, and since launching our range of later life mortgages earlier this year, we have received a great response from direct applicants and intermediaries.

"The new five-year mortgage is a longer-term option giving older borrowers increased choice and allows us to better support, for example, borrowers who may be seeking to secure their dream retirement property, which may require funds either set aside for renovations, or those who are not yet ready to undertake a sale and downsize property move.”