From today, Legal & General Mortgage Club members will have access to a 5-year fixed rate.
Legal & General Mortgage Club has partnered with Ipswich Building Society to launch a 95% loan-to-value residential mortgage exclusively for its members and selected partners.
From today, Legal & General Mortgage Club members will have access to a 5-year fixed rate. Starting from 2.99%, the product has a minimum loan value of £25,000 and a maximum value of £500,000 with fees of £499, which consist of £199 upfront and £300 upon completion.
Danny Belton, head of lender relationships, Legal & General Mortgage Club, said: “It’s great to see an increasing number of lenders offering 95% LTV mortgages, allowing buyers with small deposits to achieve their homeownership goals and providing more options for those looking to remortgage out of either Help to Buy orsharedownership.
“Legal & General Mortgage Club has been working closely with Ipswich Building Society to develop this offering and we are excited to work together to further build and support this proposition, bringing exclusive products to our key partners."
Richard Norrington, chief executive of Ipswich Building Society, added: “We are delighted to offer this exclusive deal to Legal & General Mortgage Club, which is ideal for applicants purchasing with a low deposit or remortgaging with a small amount of equity in their home.
“For aspiring first-time buyers receiving help from their family we welcome applicants using gifted deposits and can consider entirely gifted funds up to 95% LTV with 12 months rental history or 90% LTV without.”
Kate Ley, head of mortgage sales, Ipswich Building Society, said that the 5-year fixed rate basis means affordability is calculated at product pay rate only and not subject to a stressed rate.
She said: “This, combined with our expert manual underwriting, should provide borrowers with easier access to the mortgage market, whilst taking their personal circumstances into consideration with every lending decision.”
