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Ipswich mortgage tracks the base rate for two years

Ipswich Building Society is introducing a tracker mortgage which matches the Bank of England base rate for two years.

The product follows base rate, currently standing at 4.75per cent, without any additional margin until May 31, 2007 and changes thereafter changes to base rate plus 1 per cent.

Minimum advance is 25,000 and maximum 350,000. There is no higher lending fee on loans up to 90 per cent LTV but loans from 90 to 95 per cent LTV incur an individually calculated charge for the portion of the loan over 80 per cent.

There is a 495 completion fee. Interest is charged on a daily basis. There is an early repayment charge of 3 per cent if the loan is redeemed or reduced to half the original advance before the end of the fixed two years. A free valuation is also on offer.

Sales and marketing director Paul Winter says: “We expect this to achieve high ranking from many of the best-buy tables because it offers an ultra-low rate without any smoke and mirrors.”

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