Available for purchases and remortgages of up to 80% loan to value, the product tracks at 3.19% above Bank of England Base rate until 30 November 2013 (current pay rate 3.69% with an APR of 5.3%). During the tracker period, borrowers have the option to switch to any of the society's current fixed rate mortgage products within the product range at the time of the switch, subject to satisfying the product criteria. If the borrower switches, only a completion fee will be charged, with no Early Repayment Charge payable on the tracker product.
Paul Winter, chief executive, Ipswich Building Society, said: “With this exciting new product, brokers and their clients can benefit from a low variable rate, whilst the base rate remains at an all time low of 0.5%. They also have the option of switching to a fixed rate from our current product range, providing peace of mind if rates do start to increase.”
He continued: “Our brokers tell us their clients have needs which go beyond just chasing the lowest interest rate, and they are always interested in features that will appeal to their clients. We believe this product, with the “Switch and Fix” facility, will enable intermediaries to offer their clients greater flexibility in an uncertain climate. The product also offers our regular feature of 50% overpayments without charge, whilst in the Early Repayment Charge period.”
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