Legal and General Mortgage Club members will have access to a five-year fixed rate residential product, available at 95 per cent loan to value (LTV) exclusively through the mutual.
Starting from 2.99 per cent, the product has a minimum loan value of £25,000 and a maximum value of £500,000 with fees of £499, consisting of £199 upfront and £300 upon completion.
The product is aimed at helping first-time buyers with a small deposit get onto the property ladder as well as providing an option for customers looking to remortgage out of the Help to Buy or Shared Ownership schemes.
Danny Belton, head of lender relationships of Legal and General Mortgage Club (pictured), said: “It is great to see an increasing number of lenders offering 95 per cent 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 or shared ownership.
“Legal and 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, CEO of Ipswich BS, said: “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 per cent LTV with 12 months rental history or 90 per cent LTV without.”
TSB reduces rates for homebuyer and remortgage borrowers
TSB has reduced interest rates by up to 0.10 per cent on mortgages for home buyer and remortgage borrowers.
Changes include reductions of up to 0.10 per cent on selected five-year fixes for purchase and remortgage, with LTV ranging between 0 and 85 per cent.
Further reductions of up to 0.05 per cent on selected three-year fixed remortgage rates, with LTV ranging between 0 and 75 per cent.
Nick Smith, TSB’s head of mortgages, said: “At TSB we want to help more people to borrow well and these changes are an example of us doing exactly that. The interest rate reductions on our fixed rate products are a welcome step for those looking to fix their monthly payments for a longer period of time, with the added bonus of free legals or £300 cashback.”