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The best way to get answers to all your mortgage questions
is to book a meeting with one of our mortgage consultants.

The next best way is to check out our Frequently Asked Questions:

 

Before an application

Do you consider mortgages from outside of the Society’s local area?

Please note that our mortgage products are generally only available to direct applicants in England and Wales and via intermediaries based in, Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Please check the individual product details on this website or with your broker.

What is the maximum age you can lend to?

For residential cases we can lend to someone who is a maximum age of 85 on the expiry of a loan.

How much can I borrow?

We will use your income and expenditure to assess affordability. There is no minimum income. As a guide, the Society will normally take 100% of your basic income and 100% of guaranteed overtime/bonus/commission. If this is not guaranteed we would take 50% of regular overtime/bonus/ commission. Refer to the Society's Mortgage Consultants for further details.

We will lend up to 95% of the purchase price but only if you are an existing member, otherwise the maximum is 90%.  The maximum Loan to Value (LTV) will decrease to 75% if the property is a Buy to Let.

What information do I need to provide you with?

We will go through this with you when you come in to see one of our Mortgage Advisers. Our standard requirements are ID in the form of Driving Licence or Passport, 3 months' payslips if paid monthly or if paid weekly, then 4 weeks. 2 years' certified accounts or tax assessments if self-employed. Plus bank statements and annual mortgage statement if you currently have a mortgage.

What sort of things do you lend for?

The Society lends for house purchase or remortgage, including Buy-to-Let, Shared Ownership, Self Build, Right to Buy, Right to Acquire and Second Home purchase. If you are already an existing borrower of the Society, we can also lend additional funds for home improvements. Additional funds may be available for personal use, but special terms apply. Please ask our Mortgage Advisers for details.

What does APR mean?

The Annual Percentage Rate, or APR for short, must be quoted by every lender for each of their mortgage products. The APR includes all costs associated with the particular mortgage product, so can be used to compare rates across lenders.

What is an ESIS (European Standardised Information Sheet)?

A European Standardised Information Sheet, or ESIS, is a document which must be issued to you prior to your final mortgage application. The ESIS will be personalised with details of the mortgage you require and show you important information about your mortgage, including items such as your monthly repayments, the rates charged, fees and charges, overall cost of the mortgage, overpayment and early repayment charges. Every lender must use the same format for an ESIS so you can easily compare different mortgage products.

During an application

When will we collect the fees on a mortgage application?

We will not collect the fees until the application has passed credit search, so if your application should fail, you will not lose your application fee.

Your mortgage

Can I pay my mortgage by Debit or Credit card?

Mortgage payments are arranged via Direct Debit. In certain circumstances we may be able to accept debit or credit card payments. Please contact our Mortgage Department on 01473 278455 who will be able to help further.

What do I do if I am having difficulties in paying my mortgage?

If you are having trouble making your mortgage payments, we are committed to trying to help you. This document explains how we will treat you fairly if you are in arrears with your mortgage, and what steps you can take to help yourself. This also provides useful information if you are concerned about falling behind with your mortgage payments. You can get in contact with us by emailing us at paymentqueries@ibs.co.uk or alternatively calling us on 0330 123 0773.

I’d like to buy a second home to use as a holiday home and weekend retreat for my family. Can you help me finance this?

Yes. If you are an existing borrower, we may be able to offer you an Additional Borrowing mortgage to help finance the purchase of the second home. If you have a mortgage with another provider, we may still be able to offer you a remortgage product. Please refer to the Society's Mortgage Advisers for further details.

I currently have a mortgage with the Society. Can I consolidate some debts?

The Society will consider additional borrowing for consolidation of debts but special conditions apply:

  • The total amount being borrowed including the existing mortgage must exceed £25,000 and
  • The term for Additional Borrowing does not exceed 10 years and
  • The total borrowing must not exceed 90% LTV

To find out more, please contact one of the Society’s Mortgage Advisers.

I currently have a mortgage with the Society. I’d like to carry out some home improvements, like replacement windows and a conservatory. Can you help me finance this?

It’s easy to extend your current mortgage with the Society to finance home improvements to your property. To find out more, please contact one of the Society’s Mortgage Advisers.

Will a penalty be charged if I repay or redeem my mortgage earlier than the original term?

With most of our mortgage schemes, you can repay up to 50% of the original balance without charge. If you repay more than this, a penalty, known as an Early Repayment Charge, may apply depending on which mortgage product you have. A discharge fee may also be charged. Please refer to the Society's Tariff of Charges, your Annual Mortgage Statement or to one of our Mortgage Advisers for further details.

General queries

Do you treat customers fairly?

Yes, at Ipswich Building Society we are committed to offering our customers the highest possible standards of service.
In so doing we are pleased to support the Financial Conduct Authority initiative 'Treating Customers Fairly'. More information can be found here

 

 

If you can't find what you are looking for please call us on 0330 123 0723 or email us enquiries@ibs.co.uk

Your home may be repossessed if you do not keep up repayments on your mortgage.