Ipswich Building Society has launched a new five-year fixed rate deal for borrowers with just a 10 per cent deposit.

At the same time the building society has reduced the rates on its recently relaunched two-year products, also available at 90 per cent LTV. 

Its two-year fixed rate has been repriced from 3.75 per cent to 3.25 per cent until 31 March 2023. It will then revert to the SVR (currently 5.24 per cent) minus 1.74 per cent until 30 June 2026.

Ipswich has also repriced its two-year discount rate. This now charges a current pay rate of 2.99 per cent, whereas previously it was 3.5 per cent. The deal offers SVR minus 2.25 per cent for two years. It then reverts to SVR minus 1.74 per cent for 36 months. 

The new five-year fixed rate product is priced at 3.45 per cent for 60 months from completion.

All these products are available at 90 per cent LTV with an application fee of £199 and a completion fee of £800. The maximum loan size is £500,000.

Ipswich Building Society CEO Richard Norrington says: “The popularity of our current 90 per cent 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 more people, allowing us to address the industry’s pent-up demand.”

This trio of products is available to standard residential borrowers. However they will  not available 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 previously 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.