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What are Buy to Let mortgages?

A Buy to Let mortgage is used when a property is to be bought and let out to tenants. Our Buy to Let mortgages are designed for those with small portfolios as opposed to commercial investors. We only allow up to 3 properties per borrower.

Buy to Let 3.25% 5 Year Fixed Rate

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  • FIXED RATE of 3.25% until 31 August 2022 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • APRC 4.5%
  • Available for direct applicants in England and Wales, selected intermediary partners and intermediaries based in our heartland area.
  • Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage.
  • Available for Purchase and Remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £350,000.00 payable over 25 years initially on a fixed rate of 3.25% until 31 August 2022 and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 63 monthly payments of £1,712.11, followed by 237 monthly payments of £2,028.86.             
The total amount payable would be £589,311.75 made up of the loan amount plus interest (£237,367.75), an application fee of £199, a completion fee of £1,300, a valuation fee of £315, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.                 
The overall cost for comparison is 4.5% APRC representative.  
[This representative example is based on assumptions that the loan would start from 18 May 2017] 

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£1,300 £199 Purchase: based on property valuation. Remortgage: FREE up to max property value £1m. - £35 £500,000

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31 August 2022
Overpayment of 50% or above - Early Repayment Charge is 5% of the overpayment
Redemption - Early Repayment Charge is 5% of the original loan amount

For remortgage only - fee assisted legals

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to view our video on what to expect when applying for a mortgage or take a look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.



Buy To Let 3.10% 2 Year Fixed Rate 75% LTV

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Fees
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  • FIXED RATE of 3.10% up until 31 August 2019 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 5.0% APRC
  • Available for direct applicants in England and Wales and selected intermediary partners
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £350,000.00 payable over 25 years initially on a fixed rate until 31 August 2019 at 3.10% and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 27 monthly payments of £1,684.40, followed by 273 monthly payments of £2,069.40.          
The total amount payable would be £611,034.00 made up of the loan amount plus interest (£259,090.00), an application fee of £199, a completion fee of £1,300, a valuation fee of £315, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.                 
The overall cost for comparison is 5.0% APRC representative.  
[This representative example is based on assumptions that the loan would start from 17 May 2017]

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£1300 £199 Purchase: based on property valuation. Remortgage: FREE up to a maximum property value of £1m. For - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31 August 2019
Overpayment of 50% or above - early repayment charge is 3% of the overpayment
Redemption - early repayment charge is 3% of the original loan amount

For remortgage only: fee assisted legals

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to view our video on what to expect when applying for a mortgage or take a look at our mortgage calculator to get an idea of what your monthly payment may be.

This product is exclusively available to Ipswich Building Society Prestige intermediaries.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.

Buy To Let 2.85% 2 Year Discount Rate 75% LTV

About
Fees
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  • VARIABLE RATE currently 5.24% with a discount of 2.39% until 2 years from completion date then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 5.0% APRC
  • Available to direct applicants in England and Wales and selected intermediary partners.
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £350,000.00 payable over 25 years initially on our Standard Variable Rate currently at 5.24% with a discount of 2.39% for 24 months, giving a current rate payable of 2.85%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,638.79, followed by 276 monthly payments of £2,069.13.          
The total amount payable would be £611,019.84 made up of the loan amount plus interest (£259,075.84), an application fee of £199, a completion fee of £1,300, a valuation fee of £315, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.                 
The overall cost for comparison is 5.0% APRC representative.  
[This representative example is based on assumptions that the loan would start from 17 May 2017]

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£1300 £199 Based on property valuation - £35 £500k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 2 years from completion date
  • Overpayment of 50% or above - early repayment charge is 1% of the overpayment
  • Redemption - early repayment charge is 1% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to view our video on what to expect when applying for a mortgage or take a look at our mortgage calculator to get an idea of what your monthly payment may be.

This product is exclusively available to Ipswich Building Society Prestige intermediaries and selected intermediary partners.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Buy to Let lending criteria:

  • Maximum term of 25 years
  • We only allow borrowers to have three properties with us, including the one being applied for, and no more than three properties within the total portfolio.
  • There must be minimum 145% rental cover against the monthly mortgage payment stressed at a rate of interest of either the Product Rate +2% or a minimum rate of 5.5%.
  • Total loan to individual/joint borrowers with Ipswich Building Society not to exceed £500,000
  • Minimum loan for Buy to Let is £75,000.


Requirements:

  • No new build flats, studio flats, ex-local authority flats/maisonettes, flats above 5 storeys or flats above commercial property
  • Properties must be let on an approved Assured Shorthold Tenancy
  • Properties must not be houses in multiple occupation (HMOs) which require licensing Letting must be on an unfurnished basis
  • The let will be to an individual (includes couples and families) but not to a company or business
  • The buildings insurance policy must be in joint names with the Society and provide a minimum of £1,000,000 public liability cover
  • DSS tenants, multi-lets and student lets are not acceptable.


Applicants must:

  • Currently or have previously owned their own home
  • Be a UK resident
  • Not be in arrears with any mortgage they currently have
  • Be in receipt of income from employment/self employment, pension or investment
  • Have a minimum annual income of £25,000. In the case of joint applicants, one applicant must have the minimum required figure

For additional information on our mortgage packages and lending criteria, click here.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Features of our Buy to Let mortgages

lighthouse

Flexibility

We offer both fixed and variable rate products.

sunflower2

A good credit history

We don't use automated credit scoring to assess your suitability, but we do expect a good credit history.

housekeeping

Early repayment charges

You can over pay by up to 50% with our mortgages and not incur any early repayment charges. See the tabs above to check this and other charges.

half built

Supporting independent landlords

We don't lend to borrowers who possess more than three properties within their portfolio.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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