Ipswich BS launches into later life lending

The range includes discount and fixed rate deals up to a 40 year term with loans also available on an interest only basis up to 50% LTV if there is a minimum of £150,000 equity in the property.

The Society has launched with three products, available through intermediaries for purchase and remortgage.

On offer is a two-year discounted rate at 2.35%, a two-year fixed rate at 2.75%, and a five-year fixed rate at 3.50%, all available up to 75% LTV.

The Society’s discount rate product has no early repayment charge, with the fixed rate products offering a 50% fee free overpayment facility whereby borrowers can overpay penalty free by up to 50% of the original loan amount.

Richard Norrington, CEO at Ipswich Building Society, said: “The introduction of our mortgage range for those borrowing into later life strengthens our commitment to providing diversity in the mortgage market. We have launched these products to assist with demand as we are aware that borrowers in later life have unique mortgage needs caused by changing sources of income and lifestyle.

“We have a wealth of experience in dealing with older customers, who contribute to a large percentage of our existing saving and borrowing members. We are pleased that through these tailored products we can offer further support to those aged 50 and over wishing to purchase a property or remortgage their existing home.

"Our range also offers a new feature of no early repayment charge on the discount rate product, and, along with two fixed rate options, offers flexibility alongside peace of mind.”