The Ipswich Building Society has cut the rates and fees on its existing buy-to-let five-year fixed rate products and introduced a new product to its existing range of later life mortgages.

The following products are now available for purchase and remortgage:

• Buy-to-let fixed at 3.75% until 30 June 2024 with a completion fee of £950, for maximum 80% LTV and a minimum loan of £75k (5.0% APRC)
• Expat buy-to-let fixed at 3.99% until 30 June 2024, with a completion fee of £999, for maximum 75% LTV and a minimum loan of £75k (5.1% APRC)
• Later life fixed at 3.50% until 30 June 2024, with a completion fee of £500, for maximum 75% LTV and a minimum loan of £25k (4.9% APRC)

All deals are available from five to 40 year terms up to a maximum loan of £500,000 and have an application fee of £199, CHAPs fee of £35 and a tiered valuation fee based on property value.

For standard buy-to-let and later life remortgage applications, there is a free valuation (up to property value of £1m) and fee assisted legals.

During the fixed rate period the products offer fee-free overpayments up to 50% of the original loan amount.

Richard Norrington, CEO, Ipswich Building Society, said: “By recognising buyers’ demand for longer term mortgage products at this time, and adjusting our rates to reflect this, we are pleased to offer our borrowers stability with regards to their monthly mortgage commitments.

“Landlords, including those based overseas, and older borrowers often have an unusual set of circumstances or changing lifestyles and incomes. Our manual underwriting approach, which sees real people making the decisions about affordability, allows us to assist borrowers who may otherwise be denied access by the automated approach deployed by some mortgage lenders.”