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. The mortgage holder becomes a landlord and collects rent from the tenant. We want to support people who are entering the buy to let market for the first time and those landlords who have small portfolios of up to three properties. We don't lend to larger, commercial investors or those who hold their properties in a company or business.
It is worth bearing in mind that the regulation and legislation regarding Buy to Let property can change at any time, so anyone considering becoming a buy to let landlord should ensure they do their research first.
Buy To Let 3.15% 2 Year Fixed Rate 80% LTV
- FIXED RATE of 3.15% up until 31 March 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
- 5.4% 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.
29108, 29109, 29110
| 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 |
|---|---|---|---|---|---|
| £950 | £199 | Purchase: based on property valuation.Remortgage: FREE up to a maximum property value of £1m. | - | £35 | £500k |
No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31 March 2021
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 look at our mortgage calculator to get an idea of what your monthly payment may be.
This product is available to Ipswich Building Society Prestige intermediaries, selected intermediary partners and intermediaries based in our heartland area.
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 £300,000.00 payable over 25 years initially on a fixed rate until 31/03/2021 at 3.15%, and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £1,446.15 followed by 273 monthly payments of £1,849.48. The total amount payable would be £545,503.09 made up of the loan amount plus interest (£243,954.09), an application fee of £199, a completion fee of £950, a valuation fee of £270, a mortgage funds release fee of £35 and a mortgage exit 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 5.4% APRC representative.
[This representative example is based on assumptions that the loan would start from 31 December 2018]
Buy To Let 2.95% 2 Year Discount Rate 80% LTV
- VARIABLE RATE currently 5.74% with a discount of 2.79% until 2 years from completion date then changing to Ipswich Standard Variable Rate (currently 5.74%)
- 5.4% 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, Hertfordshire and Buckinghamshire. 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.
STANDARD - 24033, 24034, 24035
TOP SLICING - 24036, 24037, 24038
| 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 |
|---|---|---|---|---|---|
| £950 | £199 | Based on property valuation. Remortgage: FREE (up to max property value £1m) | - | £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
- 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 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.
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 £266,250.00 payable over 25 years initially on our Standard Variable Rate currently at 5.74% with a discount of 2.79% for 24 months, giving a current rate payable of 2.95%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,260.32, followed by 276 monthly payments of £1,648.79. The total amount payable would be £485,847.72 made up of the loan amount plus interest (£218,078.72), an application fee of £199, a completion fee of £950, a valuation fee of £240, 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 5.4% APRC representative.
[This representative example is based on assumptions that the loan would start from 3 September 2018]
LOW LOAN Buy to Let 2.95% 2 Year Fixed Rate 80% LTV
- FIXED RATE of 2.95% until 31 March 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
- APRC 5.4%
- Available to direct applicants in England and Wales, nationally via selected intermediary partners and all 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, TenetLime & Tenet Connect.
- Available for Purchase and Remortgage
29111, 29112, 29113
| 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 |
|---|---|---|---|---|---|
| 0.5% of the advance | £199 | Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) | - | £35 | £150,000 |
No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31 March 2021
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
Minimum loan amount £75,000
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 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.
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 £149,200.00 payable over 25 years initially on a fixed rate until 31/03/2021 at 2.95% and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £703.65, followed by 274 monthly payments of £918.24. The total amount payable would be £270,913.07 made up of the loan amount plus interest (£120,478.07), an application fee of £199, a completion fee of £746, a valuation fee of £160, 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 5.4% APRC representative.
[This representative example is based on assumptions that the loan would start from 31 December 2018]
Buy to Let 3.75% 5 Year Fixed Rate 80% LTV
- FIXED RATE of 3.75% until 30 June 2024 then changing to Ipswich Standard Variable Rate (currently 5.74%)
- APRC 5.0%
- Available to direct applicants in England and Wales, nationally via selected intermediary partners and all intermediaries based in our heartland area.
- Available for Purchase and Remortgage
29114, 29115, 29116
| 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 |
|---|---|---|---|---|---|
| £950 | £199 | Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) | - | £35 | £500k |
No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 June 2024
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 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.
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 £300,000.00 payable over 25 years initially on a fixed rate until 30/06/2024 at 3.75% and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 64 monthly payments of £1,542.39, followed by 236 monthly payments of £1,821.03. The total amount payable would be £530,025.04 made up of the loan amount plus interest (£228,476.04), an application fee of £199, a completion fee of £950, a valuation fee of £270, 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 21 February 2019]
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.
- All properties must hold a valid Energy Performance Certificate (EPC) and meet a minimum Energy rating of E. The EPC is to be provided to the Society upon application. Should the property be exempt from the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015, evidence of exemption is required.
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.
