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To find out more about how we could help retired and older borrowers visit our Mortgages For Retired & Older Borrowers page, or view our infographic.

 

Why did the Mortgage Market Review (MMR) make it harder for over 60s to get a mortgage?

The MMR was implemented in April 2014, with one of the major changes being lenders now have to take a close look at the affordability of applicants, monitoring both income and outgoings. As a result of this several groups of people previously able to access mortgage deals have found themselves Mortgage Misfits with limited choice – you can view our Misfits infographic here.

Specifically for over 60s and those who are retired the MMR has resulted in many lenders refusing to lend to existing borrowers where their mortgage term would take them over the age of 65.

Does Ipswich Building Society offer mortgages for over 60s and mortgages for pensioners?

Yes, we will consider mortgage applications where the borrower will be up to age 85 at the end of their term.

Is there a special retirement mortgage product?

No, to give greater choice we have not limited this to a single product and instead it applies across our current product range. Borrowers can access up to 75% loan to value (LTV) on any qualifying mortgage deal (subject to usual lending criteria).

What happens if I am still working but self-employed?

As we manually underwrite all mortgage applications individually we can assess cases from self-employed borrowers as long as they have been self-employed for at least the last 2 years prior to application. We will need to assess long term affordability to ensure the mortgage is affordable for both now and in the future.

What does affordability mean and what types of income will you accept?

The MMR means we now have to look at both incomings and outgoings of every mortgage applicant to make sure they can afford their mortgage now, and in the future in event of any rate rises.

To assess affordability we will accept 100% of pension income, and a proportion of other forms of income such as investments.

Will you accept applications where I wish to increase my mortgage balance, to release equity in my home?

We will consider applications where the borrower wishes to increase their mortgage balance, as we know that there may be occasions where borrowers wish to free up capital for example to help family members on to the property ladder or to help address long term health needs.

Will you accept interest only applications?

Yes, we will consider interest only applications in line with our usual affordability requirements and lending criteria.

If I have an interest only mortgage with another lender can I apply for a repayment mortgage with Ipswich Building Society?

Yes, we will consider applications in line with our usual affordability requirements and lending criteria.

Do I have to live in Suffolk to qualify?

No, our mortgage products are available to direct applicants across England and Wales or via mortgage intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire.

 

For more information about our mortgage products visit our mortgage page. If you can't find what you are looking for please call us on 0330 123 0773 or email us enquiries@ibs.co.uk.

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