SimplyFinance
Comprehensive. Trusted. Free.
Ipswich Building Society
Ipswich Building Society began in 1849 and works out of eight branches and six agencies. It offers several mortgage plans to those in England and Wales, in the forms of: fixed rate, variable rate, self-certification, and buy to let.
The fixed rate mortgages offered by Ipswich have three-year initial terms. This means that during the first three years of the loan, you will know exactly how much your monthly payments will be. After this term ends, your interest rate will be set at the Ipswich standard variable rate, meaning that it will fluctuate. Two of these plans have early repayment charges if the loan is repaid within a certain number of years. These two plans also have minimum deposit requirements.
Most of Ipswich’s variable rate mortgages are discounted. This means that for either two or three years, your interest rate will be at a set percentage below the variable rate. After this term then, you will be charged the Ipswich standard variable rate. Only some of the options in this category charge an early repayment fee: Most of them do not. There are several different levels of required deposit, ranging between 0% and 25%.
A self-certified mortgage from Ipswich allows those who would generally have a more difficult time obtaining a loan from a more traditional bank, because of self-employment, get a mortgage. Your case will be considered individually, and references may be required. Under the self-certified category, there are two two-year discount plans, as well as a two-year discount re-mortgage option.
In terms of buy-to-let properties, Ipswich offers a three-year term discounted mortgage, and a three-year term fee free discounted mortgage. They both charge a percentage off of the variable rate for those first three years, changing to Ipswich’s standard variable rate thereafter. There are different deposit requirements, as well as different early repayment considerations.
Use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.
Lower Your Mortgage
TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
About this index Rates may contain points
NEWS & ARTICLES
26 Jun 2008
Lower Fees Demanded in the Face of Declining Mortgage Approval Numbers
The mortgage market in the UK has looked better, but there are steps being taken by officials to lessen the burden on borrowers. This article talks about the current status of the mortgage market, the things being done to assist borrowers in this time of financial turmoil, and ways that borrowers can prepare themselves to go out and find the best mortgage loan for them. »
21 Sep 2008
Prices Fall in UK Housing Market
UK housing prices are currently at a record low since the housing slump of the 1990’s. The current housing market crash has been driven by the low availability of credit for new mortgages. The low housing prices reported in the fourth quarter of 1990 were due to high levels of unemployment coupled with the high interest rates. Regardless of the reasons behind the current housing crunch, reports suggest that the cost of housing in the UK is not expected to rise any time soon. Rather, the speculation is that the prices will continue to fall on average 2% per month, making any quick recovery from this slump unlikely.»
08 Nov 2008
UK Slashes Interest Rates
UK makes shocking slash to interest rates. The 1.5% cut brings the interest rates to the current level of 3%, the lowest level the UK has seen since 1955. Due to the current shift in interest rates, and the state of the UK economy, now may be a good time to consider a remortgage. »
Be updated on the latest market news: RSS Feeds