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Mortgages for later in life


For the latest updates and essential information during the COVID-19 pandemic read our FAQs.


Important information: your mortgage and the stamp duty holiday

Ahead of the extended stamp duty holiday deadline on 30 June please be aware we cannot guarantee your mortgage will complete in time for you to be eligible. This particularly applies for purchase applications and any remortgages where additional borrowing for any onward purchase is required.

For information about the stamp duty holiday and rates which will apply from 1 July please click here to visit gov.uk.


At Ipswich Building Society, we’re pleased to offer a mortgage range for those looking to purchase a property or remortgage their existing home aged 50 and over. Borrowing in later life brings with it a set of unique needs as well as changing sources of income and lifestyle, which our underwriters can take into consideration when dealing with mortgage applications from older borrowers.

With no maximum age restriction and up to a 40 year term, we can offer loans available on an interest only basis up to 50% Loan To Value (LTV) providing there is a minimum of £150,000 equity in the property. For borrowers seeking capital and interest repayment, we’re able to consider applications up to 75% LTV.

Enabling borrowing into later life

At Ipswich Building Society, we understand that people are still working well into their 60s, hold a healthy pension income, or have investments or inheritance that could be used to repay a mortgage. Our Retirement Mortgage Programme means we can accept 100% of an older borrower's pension and our manual underwriting process means we can consider a proportion of other forms of income when assessing affordability.

Our later life mortgage products

Later Life 2.45% 2 Year Discount Rate 75% LTV

About
Fees
Apply
  • VARIABLE RATE of 5.24% with a discount of 2.45% for 2 years from completion, then reverting to 3.50% (Ipswich SVR minus 1.74%) for 36 months then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 4.1% APRC
  • For purchase and remortgage up to 75% LTV
  • Exclusively for borrowers aged 50 or over

11133, 67183

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
£500 £199 Purchase: based on property valuation. Remortgage: FREE - £35 £750k

Unlimited fee-free overpayments
No early repayment charge

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.

Later Life 2.75% 2 Year Fixed Rate 75% LTV

About
Fees
Apply
  • FIXED RATE of 2.75% until 31/03/2023 then reverting to 3.50% (Ipswich SVR minus 1.74%) until 31/03/2026 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 4.3% APRC
  • For purchase and remortgage up to 75% LTV
  • Exclusively for borrowers aged 50 or over

15246, 72338

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
£500 £199 Purchase: based on property valuation. Remortgage: FREE - £35 £750k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31/03/2023
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.

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

 

 

Later Life 3.10% 5 Year Fixed Rate 75% LTV

About
Fees
Apply
  • FIXED RATE of 3.10% until 5 years from completion date, then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 4.4% APRC
  • For purchase and remortgage up to 75% LTV
  • Exclusively for borrowers aged 50 or over

15247, 72339

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
£500 £199 Purchase: based on property valuation. Remortgage: FREE £35 £750k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 5 years from completion date
Overpayment of 50% or above - Early repayment charge is 5% of the overpayment
Redemption - Early repayment charge is 5% of the original loan amount

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.

 

 

 

 

 

Our Retirement Interest Only (RIO) mortgage products

RIO 2.75% 2 Year Discount Rate 50% LTV

About
Fees
Apply
  • VARIABLE RATE of 5.24% with a discount of 2.49% for 2 years from completion, then reverting to 3.50% (Ipswich SVR minus 1.74%) for 36 months then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 4.2% APRC
  • For remortgage up to 50% LTV
  • Available to selected intermediaries only

11123, 67175

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
£500 £199 Purchase: based on property valuation. Remortgage: FREE - £35 £500k

Unlimited fee-free overpayments
No early repayment charge

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.

Restricted to selected intermediaries only. If you are unsure whether you have access to this product please give our intermediary sales team a call on 0330 123 1073.

n/a

RIO 2.99% 2 Year Fixed Rate 50% LTV

About
Fees
Apply
  • FIXED RATE of 2.99% until 31/12/2022, then reverting to 3.50% (Ipswich SVR minus 1.74%) until 31/03/2026 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 4.9% APRC
  • For purchase and remortgage up to 50% LTV
  • Available to selected intermediaries only

15236, 72327

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
£500 £199 Purchase: based on property valuation. Remortgage: FREE - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31/12/2022
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.

Restricted to selected intermediaries only. If you are unsure whether you have access to this product please give our intermediary sales team a call on 0330 123 1073.

n/a

RIO 3.10% 3 Year Fixed Rate 50% LTV

About
Fees
Apply
  • FIXED RATE of 3.10% until 31/12/2023, then reverting to 3.500% (Ipswich SVR minus 1.74%) until 31/03/2026 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 4.9% APRC
  • For purchase and remortgage up to 50% LTV
  • Available to selected intermediaries only

15237, 72328

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
£500 £199 Purchase: based on property valuation. Remortgage: FREE - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31/12/2023
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.

Restricted to selected intermediaries only. If you are unsure whether you have access to this product please give our intermediary sales team a call on 0330 123 1073.

n/a


Representative example

Later Life

FIXED EXAMPLE: A mortgage of £228,600.00 payable over 20 years initially on a fixed rate until 31/12/2022 at 2.50%, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a pay rate of 3.50% until 31/03/2026, then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 27 monthly payments of £1,214.19, followed by 39 monthly payments of £1,316.86, followed by 174 monthly payments of £1,474.57. The total amount payable would be £341,249.85 made up of the loan amount plus interest (£111,580.85), an application fee of £199, a completion fee of £500, a valuation fee of £240, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 4.2% APRC representative.

DISCOUNT EXAMPLE: A mortgage of £150,000.00 payable over 15 years on our Standard Variable Rate currently at 5.24% with a discount of 1.99%, giving a current rate payable of 2.25% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £986.13, followed by 36 payments of £1,064.55, followed by 120 payments of £1,154.55. The total amount payable would be £200,990.92 made up of the loan amount plus interest (£50,001.92), an application fee of £199, a completion fee of £500, a valuation fee of £160, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.1% APRC representative.

RIO

FIXED EXAMPLE: An interest only mortgage of £130,000.00 payable over 40 years initially on a fixed rate until 31/03/2023 at 2.99%, then on our Standard Variable Rate currently at 5.24%
with a discount of 1.74%, giving a pay rate of 3.50% until 30/06/2026 (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently
at 5.24% for the remainder of the mortgage term. This would require 27 monthly payments of £325.25., followed by 39 monthly payments of £380.74, followed by 414 monthly payments of
£569.95. The total amount payable would be £390,618.91 made up of the loan amount plus interest (£ 259,589.91), an application fee of £199, a completion fee of £500, a valuation fee of
£200, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 4.9% APRC representative.

DISCOUNT EXAMPLE: An interest only mortgage of £130,000.00 payable over 40 years on our Standard Variable Rate currently at 5.24% with a discount of 2.49%, giving a current rate
payable of 2.75% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months (please note that the rate
payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments
of £299.14, followed by 36 payments of £380.72, followed by 420 payments of £569.99. The total amount payable would be £391,310.08 made up of the loan amount plus interest
(£260,281.08), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage exit fee of £95.


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

Key features of our mortgages into later life

  • Available to direct customers across England and Wales
  • At least one borrower must be aged at least 50 at the start of the loan
  • For later life mortgages (not rio) these are available for loans up to 75% LTV - Interest only up to 50% LTV, provided there is at least £150,000 equity in the property. Loans are available from £25,000 to £750,000 (see individual product details)
  • Minimum term 5 years, maximum term 40 years
  • No maximum age limit

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