The product range, which was launched in August last year, was originally only available to properties in the society’s heartland area, which included Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire, Bedfordshire and Buckinghamshire. However, the range will now be rolled out nationwide.
The products are all available with a maximum 80 per cent loan to value (LTV) and are available on capital and interest or interest-only repayment basis.
It includes a two-year fixed rate at 2.95 per cent until 30 September 2021 and a three-year fixed rate at 3.10 per cent until 30 September 2022.
There is also a two-year discount rate at the society’s standard variable rate currently at 5.74 per cent minus 2.94 per cent, giving a current pay rate of 2.80 per cent for two years from the completion date.
All products have an application fee of £199, a completion fee of £950, and a tiered valuation fee based on property value applies. All remortgage applicants benefit from a free valuation up to a maximum property value of £1m and access to fee assisted legal services.
During the initial mortgage term, the society offers fee-free overpayments up to 50 per cent of the original loan amount.
All products are subject to a maximum 25-year term with no maximum age restriction; a minimum loan of £75,000 and a maximum loan of £500,000, with a minimum property value of £100,000.
Ipswich was among a number of lenders to release a holiday let range last year, joining the likes of Hodge, Scottish Building Society, Cambridge & Counties Bank and Principality.
The introduction of these mortgages will support a predicted increase in UK tourism. Data from Cambridge & Counties Bank found that 72 per cent of UK holidaymakers expected a boom in staycations in 2020, with 67 per cent of its 1,026 respondents saying this would be due to a weakened pound as a result of Brexit.