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Self Build Mortgages

For those looking to renovate, convert or start from scratch.

The mortgage market is changing - now more than ever, people are looking to self build projects to create their dream home. At Ipswich Building Society we've developed an innovative self build proposition that can be adapted to suit your clients' needs.

We welcome builds utilising Modern Methods of Construction (MMC), where the scheme is BOPAS accredited. This will give us the assurance that the property is sufficiently durable and readily saleable for a minimum of 60 years.

Why choose us for self build?

- Available for purchase and remortgage up to 80% LTV
- Comes with our fee-free 50% overpayments facility as standard
- We release the money in stages so your client doesn't pay interest on the whole amount
- We lend on the land, allowing your client to keep back more of their savings for the build
- For renovations, conversions and knock-down and rebuilds as well as new projects 
- Available on interest-only during the build
- Penalty free product switch to our retention range after completion of the build

We have many years of experience in self build and we'll help you every step of the way. Give us a call!

 

Self Build 4.10% 2 Year Discount Rate 80% LTV

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  • VARIABLE RATE currently 5.49% with a discount of 1.39% until 2 years from completion date then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 5.4% APRC
  • For purchase or remortgage
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally 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.
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team 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 £110,000.00 payable over 15 years on our Standard Variable Rate currently at 5.49% with a discount of 1.39% , giving a current rate payable of 4.10% until 2 years from completion then our Standard Variable Rate for remainder of the mortgage term would require 24 monthly payments of £826.89 followed by 156 monthly payments of £897.01. The total amount payable would be £160,197.92 made up of loan amount plus interest (£48,743.92), an application fee of £199, a completion fee of £1,000, a valuation fee of £125.00, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 5.4% APRC representative.
[This representative example is based on assumptions that the loan would start from 03 April 2018]

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
£1,500 £199 Based on property valuation - £35 £500k

  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 2 years from date of completion
  • Fee-free overpayments up to 50% of the loan
  • Redemption - early repayment charge is 3% for 12 months followed by 0% for 12 months

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 see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.