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Additional information applicable to all mortgage packages available from Ipswich Building Society

Lending area

England and Wales


All FREEHOLD considered (except flats and maisonettes.)

LEASEHOLD - Depends on whether newbuild, flat, house.

NEW BUILD - Flats up to 75% LTV in our heartland area and London. No maisonettes or apartments considered.

Mortgage term

Minimum 5 years, maximum 40 years

(Buy to Let mortgages maximum of 30 years)


All loans are subject to status and valuation. Borrowers must be aged 18 years or over. Maximum age in some scenarios. Security over the property is required.

Loan size

Minimum Loan is £100,000 For maximum loan size please refer to our Mortgage Product Guide.

Shared ownership

Available on Affordable Home Loan only. Subject to Lease meeting Society's Shared Ownership terms and conditions.

Self build

Available on self build products only. Please ask for details.

Right to Buy/Right to Acquire

Available on all products except specialist remortgage products, Buy to Let and Affordable Home Loan. Additional funds can be borrowed for home improvements. Maximum LTV 80% of open market value. 100% of discounted purchase price available.

Buy to Let

Maximum portfolio 3 properties including up to 3 with Ipswich Building Society, including new application. Total loan to individual/joint borrowers with Ipswich Building Society not to exceed £500,000. Minimum loan for buy to let is £75,000. 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%. Requirements:

  • No new build flats, studio flats, basement 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 occupancy (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
  • Multi-lets and student lets are not acceptable

Applicants must:

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


Interest is calculated on a daily basis. Additional payments over and above the monthly repayment immediately result in a reduction of the amount on which interest is charged.

Repayment Methods

Loans can be taken on a repayment interest only or part repayment/part interest only basis.

Early Repayment Charge

Some of our products have an Early Repayment Charge - please refer to the relevant section. Where a loan is redeemed as a result of the death of a borrower there will be no early repayment penalty.

Higher Lending Charge

If a loan exceeds 80% LTV the Society will take out a mortgage indemnity policy. The Society may pay this charge, please see specific product details to see if this is included. The HLC is calculated at the rate shown below for each £100 of the loan in excess of 80%, subject to a minimum charge of £250. The charge can be added to the mortgage advance and will be included in the mortgage product description. Please refer to your personalised European Standardised Information Sheet (ESIS) for details of the charge (if applicable).


  • 80.01 - 85% £4.48 per £100
  • 85.01 - 90% £5.21 per £100
  • 90.01 - 95% £7.06 per £100
  • 95.01 - 100% £13.44 per £100

Property valuation

Purchase Price / Estimated Value
(not exceeding)
Standard Mortgage Valuation
Standard Remortgage Valuation
Homebuyers Report
Up to £50,000
Up to £100,000
Up to £150,000
Up to £200,000
Up to £250,000
Up to £300,000
Up to £350,000
Up to £400,000
Up to £450,000
Up to £500,000
Up to £600,000
Up to £700,000 £430   £1,005
Up to £800,000 £495   £1,145
Up to £900,000 £550   £1,285
Up to £1,000,000 £610   £1,425
Up to £1,200,000 £730 £1,675
Up to £1,400,000 £850 £1,925
Up to £1,600,000 £970 £2,175
Up to £1,800,000 £1,095 £2,425
Up to £2,000,000 £1,210 £2,675
Up to £2,500,000 £1,400 £2,900
Up to £3,000,000 £1,600 £3,200
Up to £3,500,000 £1,800 £3,500
Up to £4,000,000 £2,000 £3,800
Up to £4,500,000 £2,200 £4,100
Up to £5,000,000 £2,400 £4,300

Where a product provides a 'FREE' valuation, we will pay for a standard mortgage valuation only, provided our nominated valuer is used. Where a product states 'legal fees paid' we will pay for standard remortgage work only, provided our nominated solicitor is used.


You will be required to take out buildings insurance to insure your property against the usual perils. The Society will be happy to provide quotations for this insurance but if you wish you can arrange your own cover. A copy of this policy and schedule must be supplied to your Solicitor before completion.

Borrowing for Home Improvements

Up to a maximum 95% LTV. Estimates will be required.

Borrowing for consolidation of debts providing:

  • The total loan including the existing mortgage exceeds £25,000, and
  • The total loan does not exceed 90% LTV.

Debt consolidation is not permitted on Buy to Let applications.

Borrowing for capital raising (ie; second home, car etc) providing:

  • The total loan including the existing mortgage exceeds £25,000 and
  • The total loan does not exceed 95% LTV

Monthly payments

The mortgage payments must be made by Direct Debit on the 1st of each month. The first payment will be on the 1st of the month immediately following completion. If payments are not made in full and on time, the Society reserves the right to transfer your loan to the Society's Standard Variable Rate.


For all current product options, existing customers moving home may either: exercise portability (where applicable) or:
take out a new mortgage from the Society's full product range. The Early Repayment Charge will not be made.


The Society will consider taking a guarantee from close blood relatives, for example, a father for his son. Any guarantor must meet the same status requirements as the borrower(s). The Society insists that all guarantors take independent legal advice to make sure that they understand their commitment and the potential consequences of their decision. Guarantors may become liable to repay the full debt outstanding to the Society instead of or as well as you the borrower.

Ipswich Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and entered on the Financial Services Register, Firm Registration Number (FRN) 104875.


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