The Ipswich Building Society has cut the rates on two of its recently relaunched two-year 90% LTV standard residential mortgages.

It is also launching a new five-year fixed rate, 90% LTV product.

All the new products are aimed at helping first time buyers and those with a limited deposit to get a foot on the property ladder.

The following products are all available at 90% LTV with a minimum loan of £25,000, a maximum loan of £500,000, application fee of £199 and completion fee of £800:

• 2-year discounted rate, repriced from 3.50% to 2.99%, at SVR (currently 5.24%) minus 2.25%, giving a current pay rate of 2.99% for 2 years from date of completion, then reverting to SVR minus 1.74% for 36 months
• 2-year fixed rate, repriced from 3.75% to 3.25% until 31 March 2023, then reverting to SVR (currently 5.24%) minus 1.74% until 30 June 2026
• A brand new 5-year fixed rate product, priced at 3.45%, fixed for 60 months from the date of completion

The new products are available to standard residential borrowers but not to applicants who are self-employed or on furlough, or to mortgage holders currently on a payment deferral with their existing lender. In addition, applicants who have taken a payment deferral on their existing mortgage or have been furloughed since 30 September 2020 are not eligible. Those who were furloughed before this date must have returned to full-time work to be eligible.

All products have a CHAPS fee of £35 and a tiered valuation fee based on property value applies. Remortgage applicants benefit from a free valuation and access to fee assisted legal services.

During the initial mortgage term, the Society offers fee-free overpayments up to 50% of the original loan amount.

Richard Norrington, CEO at the Ipswich Building Society, said: “The popularity of our current two 90% LTV mortgage deals made it very clear that there’s a real need in the market to serve those applicants looking to purchase with a smaller deposit. Repricing these products makes them accessible to even more people, allowing us to address the industry’s pent-up demand, as well as allow more people to acquire their dream home.

“Our five-year fixed rate deal is particularly exciting, offering a competitive rate and stability over a longer time period, which will no doubt be welcome news to borrowers in the current climate.”