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Buy-To-Let Mortgages and Mortgage Rates

At present we do not have any Buy to Let mortgage products. We will update our website if and when these products become available.

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.

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

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Flexibility

We offer both fixed and variable rate products.

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A good credit history

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

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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.

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Supporting independent landlords

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


Making mortgages
easier to
understand

We've produced a number of guides and helpful information to help you understand your mortgage.

Get a clear
view on the
numbers

From affordability to making overpayments on your mortgage, we have a calculator to help you.

Helping you to
understand our
mortgages

The introduction of the Mortgage Market Review in April 2014 meant that new affordability criteria could make it harder for so-called misfits to get a mortgage.

Toby's top 5 things to consider when applying for a mortgage

Are you a mortgage prisoner? - Mortgage Market Review

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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