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Ipswich Building Society extends buy-to-let range with new deals for smaller loans

PUBLISHED: 15:57 01 November 2017 | UPDATED: 15:57 01 November 2017

Richard Norrington, Ipswich Building Society chief executive.

Richard Norrington, Ipswich Building Society chief executive.

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Ipswich Building Society has launched two new deals aimed at buy-to-let borrowers seeking smaller loans of up to £150,000.

The society returned to the buy-to-let market earlier this year, with the new deals offering the same two-year or five-year fixed rates as its main range but with a reduced completion fee.

The products are also aimed at existing buy-to-let borrowers of other lenders looking to take advantage of transitional rules, where rental income is required at 125% of the mortgage pay rate instead of the 145% required for new borrowers.

The Ipswich says this will further increase the choices on offer to those who want to remortgage where they may be restricted by the rules for calculating mortgages for buy-to-let landlords.

Richard Norrington, chief executive at the society, said: “We are continuing to offer competitive products in the buy-to-let market and are pleased to expand our existing range with two new products that will provide new options to those seeking a low loan deal.

“The smaller fee size is a further benefit, which will make the products more attractive to a new variety of borrowers including those remortgaging from other lenders and wishing to take advantage of transitional arrangements.”

He added: “By employing a manual approach to underwriting, we will be able to offer choice to creditworthy buy-to-let borrowers who may be finding it challenging to get on the property ladder.”

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