Financial Services Industry
Industry: Email Alert RSS FeedIpswich 'ultra-low' tracker rate released.(Interest rates)(Brief Article)
Financial Adviser, February, 2005
The Ipswich Building Society is looking to secure a bigger proportion of the tracker market with its new mortgage.
However, IFAs have suggested it offers little incentive.
Ipswich's tracker matches the Bank of England base rate for two years, after which it reverts to base rate plus one percentage point. It has no higher lending charges up to 90 per cent loan-to-value.
It also boasts a free valuation, with interest charged daily and an early repayment charge of 3 per cent if the loan is redeemed or reduced to half the original advance before May 31, 2007.
David Holbrook, managing director of Hallmark-IFA, believes the deal is not outstanding in the marketplace.
He said: "There is nothing wrong with it, the LTV is quite good...
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