Ipswich Building Society mortgage review November 2019

Ipswich Building Society provides a huge range of mortgages, including deals aimed at first-time buyers, landlords and the self-employed. Here's what you need to know.

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Ipswich Building Society is based in Suffolk and provides mortgages to homeowners across England and Wales.

Its range includes mortgages for first-time buyers, older buyers, expats and the self-employed. What’s more, there are buy-to-let mortgages, self-build mortgages and a selection of remortgaging deals.

On most mortgages, there is no charge for overpayments up to 50% of the loan amount. Most deals come with a completion fee, application fee, valuation fee and money transfer fee.

If you’re overwhelmed by the amount of available offers, the building society offers a mortgage consultancy service to help you.

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What types of mortgage does Ipswich Building Society provide?

  • Fixed rate mortgages. If you don’t want your monthly mortgage repayments to fluctuate, a fixed-rate deal is a great option for you. Ipswich Building Society offers fixed-rate deals with a two-year term. You may be eligible for this product with a 5% deposit, although you’ll get a better interest rate with a bigger deposit. After two years, you’ll be switched to the lender’s standard variable-rate.
  • Discount mortgages. The lender offers mortgages with the interest rate fixed at a specific percentage below its standard variable-rate for two years. This is also available with a deposit as small as 5%, although you’ll get a bigger discount on the SVR with a bigger deposit. After two years, you’ll be switched to the lender’s standard variable-rate.
  • Self-employed mortgages. The lender offers specialist mortgages for the self-employed. It will consider any self-employed applicant, provided they can provide two years worth of accounts. It will consider applicants with less than two years of accounts, provided they meet other criteria.
  • Self build mortgages. With its self-build mortgage, the lender will release a percentage of the borrowed money at specific stages of construction, so you don’t need to pay interest on the entire amount you borrow until the house is completed. Self-build mortgages are only available for properties in London or the lender’s heartland around Suffolk.
  • Later life mortgages. Most mortgage lenders won’t consider applicants over a certain age. However, Ipswich Building Society’s Later Life mortgages have no upper age limit. Applicants will still need to provide evidence they can meet repayments as they get older.
  • Buy to let mortgages. Ipswich Building Society provides two-year fixed-rate, two-year discount and five-year fixed-rate mortgages for landlords looking to let out a property. It also has buy-to-let deals exclusively for expats living outside the UK.
  • Remortgages. All of the above mortgage types are available for those looking to remortgage.
  • Shared ownership The lender is happy to consider mortgages funded by a Shared Ownership scheme. This scheme allows first-time buyers to buy a specific percentage of the property and pay rent on the remainder of it.

How do I apply for an Ipswich Building Society mortgage?

You can apply for an Ipswich Building Society mortgage by calling its team on 0330 123 0773 or by visiting one if its nine branches across Suffolk.

If necessary, the lender’s mortgage consultants will help you choose the most suitable deal for you.

For the application process, you’ll need to provide basic personal details and detailed financial information.

What information do I need to supply?

You need to provide personal details, proof of deposit and proof of income and outgoings. The lender will need to see payslips and recent bank statements.

Eligibility criteria

Before you begin your application, you’ll be asked to confirm that you meet the following eligibility criteria:

  • You must be aged 18 or over.
  • The property must be based in England and Wales.

Approval for an Ipswich Building Society mortgage will be based on the results of a credit check.

All freehold properties in England and Wales will be considered (except flats and maisonettes). Leasehold properties must have at least 85 years left on the lease at the time of application to be considered.

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Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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