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Buy To Let Criteria

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Age Limits: Maximum Age AT POINT OF APPLICATION

Description

Indicates the maximum age we can accept an applicant to be at the time of an application to be considered for a Buy to Let application.

Policy

The Society does not have a maximum age at application.


Warning

If the applicant is at state pension age or older on application the maximum term is 25 years.

Lending restricted to 70% LTV or under if term does not take the applicant beyond age 75 at the end of the term.
Lending restricted to 50% LTV or under if term will take the applicant beyond age 75 at end of the term.

Applicants 75 or over on application will need to seek ILA to ensure they understand the implications of the mortgage contract and the potential issues of lending into old age on benefits and in the event of needing to go into long term care.
Applicants on Furlough

Description

Some Buy to Let lenders may not lend if you are currently on furlough leave. This search indicates which lenders can and which lenders can not potentially accept this situation.

Policy

We are no longer accepting applicants who are on Furlough.
Remortgage purpose: Balance Swap (maximum LTV)

Description

Indicates the maximum loan to value (LTV) a Buy to Let we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised).

Policy

The maximum loan to value (LTV) we can accept where the remortgage purpose is a simple balance swap (no additional monies being raised) is 75%.
Address History (Min UK address history needed)

Description

This is the required number of months we specify a client has to have had a UK address history for. 

Policy

We require a minimum of three years UK address history.




Outside

Will consider less than the three years when the rest of the case is strong and a UK based credit footprint has been maintained throughout time outside of the UK
Advisor Own Application

Description

Indicates if we can potentially accept Buy to Let applications from an advisor wishing to apply for his or her own mortgage.

Policy

Ipswich Building Society can accept applications from advisors applying for their own mortgage.

Warning

Documents must be certified by another member of staff who is not the advisor.
Age Limits: Maximum Age at End of Mortgage Term

Description

Indicates the absolute maximum age we will lend to.

Policy

The Society does not have a maximum age for applications.
Age Limits: Minimum Age at Application

Description

The minimum age we will accept when assessing an applicant.

Policy

Applicants must be over 18 at start of the mortgage
Arrangement fees can be added when exceeding lending LTV limits

Description

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the max lending policy loan to value will be exceeded. 

Policy

Ipswich Building Society can potentially allow fees to be added where it means the lending loan to value limits will be exceeded as long as the rental income can cover the loan size and the fees.
Arrangement fees can be added when exceeding product LTV limits

Description

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance where this will mean the product loan to value will be exceeded.

Policy

Ipswich Building Society can potentially allow fees to be added where it means the lending loan to value limits will be exceeded as long as the rental income can cover the loan size and the fees.
Arrangement to Pay

Description

Indicates if we can potentially accept applicants that have an arrangement to pay registered on their credit file on Buy to Let applications.

Policy

Ipswich Building Society can potentially consider applicants that have an arrangement to pay registered on their credit file. The maximum LTV will 75% and the arrangement to pay must be satisfied for at least 3 years.
Arrears (secured/mortgage)

Description

Indicates if we can potentially accept Buy to Let applications from applicants that have a history of mortgage or secured loan arrears.

Policy

No missed payments in the last 12 months
Arrears (unsecured)

Description

Indicates if we are able to potentially accept Buy to Let  applications where one or more applicant(s) has a history of unsecured loan arrears.

Policy

No missed payments in the last 12 months
Back to Back (Remortgage - Bridging)

Description

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to Back (Remortgage - Bridging) indicates if we will accept applications where the customer has funded the purchase from a bridging loan and now wish to mortgage the property.

Policy

Ipswich Building Society are able to accept remortgage applications for clearing Bridging finance.
Back to back (Remortgage - Customer Funded)

Description

Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.

Back to back (Remortgage - Customer Funded) indicates if a we will accept applications where the customer has funded the purchase from their own funds and now wish to mortgage the property with a Buy to Let mortgage typically within 6 months of ownership. 
For example Josh recently purchased a property at auction and now wants to remortgage the property to release funds.

Policy

We are not able to accept this type of application
Back to back (Remortgage - Inherited)

Description

Back to back (Remortgage - Inherited) indicates if we can accept applications where the customer has inherited a property and now wish to mortgage it on a Buy to Let basis typically within 6 months of ownership.

Policy

We are not able to accept this type of application
CCJs registered between 12 to 24 Months

Description

Indicates if we can potentially accept applicants that have had any CCJs registered more than 12 months ago and less than 24 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society can potentially consider applicants that have had CCJs registered more than 12 months ago and less than 24 months ago.
For applications where the LTV is less than 75% we will ignore CCJ’s made more than 1 year ago which has since been satisfied.
For applications where the LTV ratio is over 75% we will consider CCJ’s up to £500 made over 12 months ago but now satisfied.

Warning

If LTV is 95% we would expect the credit report to be very clean.
CCJs registered between 24 to 36 Months

Description

Indicates if we can potentially accept applicants that have had any CCJs registered more than 24 months ago and less than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society can potentially consider applicants that have had CCJs registered more than 24 months ago and less than 36 months ago.
For applications where the LTV is less than 75% we will ignore CCJ’s made more than 1 year ago which has since been satisfied.
For applications where the LTV ratio is over 75% we will consider CCJ’s up to £500 made over 12 months ago but now satisfied.





Warning

Where the applicant has multiple CCJ’s, defaults or they exceed £1000 in value refer to underwriting. If LTV is 95% we would expect the credit report to be very clean.
CCJs registered between 3 to 12 Months

Description

Indicates if we can potentially accept applicants that have had any CCJs registered more than 3 months ago and less than 12 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society will not consider applicants that have had CCJs registered more than 3 months ago and less than 12 months ago.
CCJs registered in last 3 Months

Description

Indicates if we can potentially accept applicants that have had any CCJs registered in the past 3 months on Buy to Let applications.. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society will not consider applicants that have had CCJs registered in the past 3 months.
CCJs registered over 36 Months ago

Description

Indicates if we can potentially ignore CCJs that were registered more than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society can potentially ignore any CCJs that were registered over 36 months ago.

Warning

Where the applicant has multiple CCJ’s, defaults or they exceed £1000 in value refer to underwriting.
If LTV is 95% we would expect the credit report to be very clean.
Can Consider Earned Income in Rental Assessment (Topslicing)

Description

Indicates if we can potentially consider applicants earned income in addition to the rental income for a property when calculating the maximum mortgage that can be borrowed.

Policy

Ipswich Building Society will consider earned income in affordability assessment.

Minimum income
- sole applicant - £40,000
- joint applicants - £65,000

Minimum rental coverage required - 125% at pay rate
Can extend mortgage offer

Description

Indicates if we can potentially extend a clients mortgage offer beyond the standard expiry.

Policy

We can extend a clients mortgage offer beyond the standard expiry.
Can use actual existing rent when higher than valuers estimate

Description

Indicates if we can potentially use the actual rent received from an existing tenant when it is higher than the valuer's estimate. For example, this situation could arise on remortgage applications where, in the valuer's opinion, the market rent is lower than what the landlord is currently receiving.

Policy

Ipswich Building Society will not use the current rent received from the current tenant for affordability assessment when it exceeds the valuers estimate.
Can use valuers rental estimate even if higher than actual existing rent

Description

Indicates if we can potentially use the valuer's estimate when assessing loan affordability even if the actual rent being received is less than the estimate. For example, this situation could arise on remortgage applications where the existing tenant is paying below the market estimate (based on the valuer's rental valuation).

Policy

Ipswich Building Society can use the valuers rental estimate even if it is higher than actual rent received by the current tenant(s)
Consumer Buy to Let (position and definition)

Description

Indicates if we can lend when we consider the transaction to be a 'Consumer Buy to Let (CBTL)' and what our definition of a consumer buy to let is. A CBTL is often referred to as an accidental landlord.

Policy

Ipswich Building Society can potentially accept applicants classed as a 'Consumer Buy to Let (CBTL)'
Contract Reassignment

Description

Indicates if we can potentially accept a situation whereby the purchaser is looking to buy a new build property from a third party (not the builder/developer). An example of this is whereby a third party has secured the property off plan and exchanged contracts but has not completed. They then sell the contract to a new purchaser. This is known as 'contract reassignment'. Sometimes this is for a premium of the original purchase price and sometimes it is without a premium.

Policy

Ipswich Building Society does not accept applications where contract reassignment exists
County Court Judgements (CCJs) (Satisfied) potentially accepted

Description

Indicates if we can potentially accept Buy to Let applications from applicants that have had/or have satisfied CCJs registered against their name.

Policy

For CCJs, either the original Satisfaction Certificate must be seen prior to completion or the credit search must confirm that the CCJ is satisfied.
For applications where the LTV is less than 75% we will ignore CCJs that were made more than a year ago that have since been satisfied.
CCJs up to £500 made within the last 12 months but now satisfied are also considered.
Where the LTV ratio is over 75%, we will ignore CCJs that were made more than three years ago that have since been satisfied.
CCJs up to £500 made over 12 months ago but now satisfied are acceptable.

County Court Judgements (CCJs) (Unsatisfied) potentially accepted

Description

Indicates if we can potentially accept Buy to Let applications from applicants that have had/or have unsatisfied CCJs registered against their name. 

Policy

We would not be able to accept an application with a CCJ outstanding, this would need to be satisfied
Covid-19: Are you offering a payment holiday?

Description

Displays if we will allow BTL borrowers to take a payment holiday due to payment difficulties related to the Covid-19 outbreak.

Policy

Ipswich Building Society can potentially consider allowing borrowers to take a payment holiday due to problems relating to the Covid-19 outbreak.

Following the government’s statement on 17 March regarding mortgage payment holidays we have updated our approach to how we can offer this to our members affected by COVID-19. Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form by post or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. (we suggest using secure email where possible). Agreed arrangements will not be reported to credit reference agencies. Borrowers who are already in a payment shortfall or arrears will need to contact us in the first instance to discuss the options available. The self-certification request form and further details can be found on our website - https://www.ibs.co.uk/blog/corporate/coronavirus-covid-19-frequently-asked-questions.
Covid-19: Fees waived for missed mortgage payments (not agreed payment holidays) due to Covid-19 difficulties

Description

Displays if we will consider waiving fees for late BTL mortgage payments that were due to payment difficulties related to the Covid-19 outbreak.

Policy

Ipswich Building Society will not waive fees for late payments that were due to payment difficulties related to the Covid-19 outbreak at this time unless a payment holiday has already been agreed within a reasonable time before the next payment.


Following the government’s statement on 17 March regarding mortgage payment holidays we have updated our approach to how we can offer this to our members affected by COVID-19. Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form by post or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. (we suggest using secure email where possible). Agreed arrangements will not be reported to credit reference agencies.

Borrowers who are already in a payment shortfall or arrears will need to contact us in the first instance to discuss the options available. The self-certification request form and further details can be found on our website - https://www.ibs.co.uk/blog/corporate/coronavirus-covid-19-frequently-asked-questions.
Covid-19: Policy

Description

Displays if we have a Covid-19 policy for BTL lending and if so the details of it.

Policy

Following the government’s statement on 17 March regarding mortgage payment holidays we have updated our approach to how we can offer this to our members affected by COVID-19. Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form by post or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. (we suggest using secure email where possible). Agreed arrangements will not be reported to credit reference agencies.

Borrowers who are already in a payment shortfall or arrears will need to contact us in the first instance to discuss the options available. The self-certification request form and further details can be found on our website - https://www.ibs.co.uk/blog/corporate/coronavirus-covid-19-frequently-asked-questions.
Covid-19: Will allow conversion to interest only?

Description

Displays if we will allow BTL borrowers to convert their mortgage from repayment to interest-only due to payment difficulties related to the Covid-19 outbreak.

Policy

Following the government’s statement on 17 March regarding mortgage payment holidays we have updated our approach to how we can offer this to our members affected by COVID-19. Affected borrowers who are up to date with their mortgage payments and seeking a mortgage payment holiday are asked to complete and return our self-certification request form by post or by email to This email address is being protected from spambots. You need JavaScript enabled to view it. (we suggest using secure email where possible). Agreed arrangements will not be reported to credit reference agencies.

Borrowers who are already in a payment shortfall or arrears will need to contact us in the first instance to discuss the options available. The self-certification request form and further details can be found on our website - https://www.ibs.co.uk/blog/corporate/coronavirus-covid-19-frequently-asked-questions.
Credit Checks with Equifax

Description

Indicates if we use Equifax as a credit reference agency when assessing applications.

Policy

We use Callcredit as a credit reference agency when assessing applications


Credit Checks with Experian

Description

Indicates if we use Experian as a credit reference agency when assessing Buy to Let applications.

Policy

We use Callcredit as a credit reference agency when assessing applications


Credit Checks with Transunion (formerly Callcredit)

Description

Indicates if we use Transunion (formerly Callcredit) as a credit reference agency when assessing applications.

Policy

We use Callcredit as a credit reference agency when assessing applications
Credit Scores?

Description

Indicates if we use 'credit scoring' to assess a client(s) mortgage application usually at agreement in principle (AIP) stage.

Policy

We do not credit score

We will carry out a credit search for all applicants at all known addresses covering a three-year history.

All parties eligible to vote should appear on the Voters Roll at those addresses. Where an applicant does not appear on the Voters Roll, we will need alternative satisfactory proof of residency, for a full two-year history from the date of application.

If the applicants are existing customers then no proof of residency will be required (although we will still carry out a credit check).

Any proof of residency must be original. Alternatively, copies can be accepted annotated with wording similar to "I confirm this is a true copy of the original document". The documentation should be signed and dated by the mortgage intermediary.


Criminal Convictions

Description

Indicates if we can potentially accept applicants that have a criminal record.

Policy

Ipswich Building Society can potentially accept applicants that have criminal convictions.

Warning

These convictions must be spent and cannot me monetary related, such as fraud, money laundering etc.
Debt Management Plan (Current/Unsatisfied)

Description

Indicates if we can potentially accept a Buy to Let application from an applicant who is currently in a debt management plan.

Policy

Ipswich Building Society does not accept applicants who have a current/unsatisfied debt management plan.
Debt Management Plan (satisfied)

Description

Indicates if we can potentially accept a Buy to Let application from an applicant who has previously had a debt management plan that is now satisfied.

Policy

Up to 75% LTV, we can accept a debt management plan as long as this was satisfied 3 years ago
Debt Related: Payday loan (current)

Description

Indicates if we can potentially accept a Buy to Let application from a borrower who is currently in a payday loan credit agreement

Policy

We are not able to accept an applicant who has an active pay day loan
Debt Related: Payday loan (previous)

Description

Indicates if we can potentially accept a Buy to Let application from a borrower who has had a payday loan in the past but is not currently in a payday loan credit agreement.

Policy

Applications with a previous payday loan would need to be reviewed by an underwriter on a case by basis. We will consider:
  • the frequency of use
  • the amount of the borrowing
  • when they were last used (historic or current)
The application will be reviewed alongside the application and supporting documentation.
Debt Relief Order (Satisfied)

Description

Indicates if we can consider an applicant with a satisfied debt relief order

Policy

Ipswich Building Society can potentially consider an applicant with a satisfied debt relief order

Warning

Maximum loan is 75% and it must be satisfied for a minimum of 3 years with no adverse credit since.
Defaults (satisfied) potentially accepted

Description

Indicates if we can potentially accept Buy to Let applications from applicants that have had/or have satisfied defaults registered against their name.

Policy

For applications where the LTV is less than 75% we will ignore defaults that were made more than a year ago that have since been satisfied.
Defaults up to £500 made within the last 12 months but now satisfied are also considered.
Where the LTV ratio is over 75%, we will ignore defaults that were made more than three years ago that have since been satisfied.
Defaults up to £500 made over 12 months ago but now satisfied are acceptable.

Defaults (unsatisfied) potentially accepted

Description

Indicates if we can potentially accept Buy to Let applications from applicants that have had/or have unsatisfied defaults registered against their name

Policy

We would not be able to accept an application with a default outstanding, this would need to be satisfied
Defaults registered between 12 to 24 Months

Description

Indicates if we can potentially accept applicants that have had any Defaults registered more than 12 months ago and less than 24 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society can potentially consider applicants that have had Defaults registered more than 12 months ago and less than 24 months ago.
For applications where the LTV is less than 75% we will ignore Defaults made more than 1 year ago which has since been satisfied.
For applications where the LTV ratio is over 75% we will consider Defaults up to £500 made over 12 months ago but now satisfied.





Warning

Where the applicant has multiple CCJ’s, defaults or they exceed £1000 in value refer to underwriting.
If LTV is 95% we would expect the credit report to be very clean.
Defaults registered between 24 to 36 Months

Description

Indicates if we can potentially accept applicants that have had any Defaults registered more than 24 months ago and less than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society can potentially consider applicants that have had Defaults registered more than 24 months ago and less than 36 months ago on Buy to Let applications, as long as these have been satisfied.

Warning

Please contact the team to discuss.
Defaults registered between 3 to 12 Months

Description

Indicates if we can potentially accept applicants that have had any Defaults registered more than 3 months ago and less than 12 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society will not consider applicants that have had Defaults registered more than 3 months ago and less than 12 months ago.
Defaults registered in last 3 Months

Description

Indicates if we can potentially accept applicants that have had any Defaults registered in the past 3 months on Buy to Let applications.. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society will not consider applicants that have had Defaults registered in the past 3 months.
Defaults registered over 36 Months ago

Description

Indicates if we can potentially ignore Defaults that were registered more than 36 months ago on Buy to Let applications. Other factors will also be taken into consideration such as, but by no means limited to, number of adverse, value and the overall credit profile of an applicant.

Policy

Ipswich Building Society can potentially ignore any Defaults that were registered over 36 months ago and have been satisfied.

Warning

If these are over £1,000 or there are multiple defaults please refer to the sales team.
Discharged Bankrupt (years)

Description

Displays if we can accept discharged bankrupts on Buy to Let applications and if so how long a client has to have been discharged for. 

Policy

The application can be accepted if discharge was more than three years ago and no further court orders have been registered.


Warning

Please note that a maximum LTV of 75% will be applied to all applications from discharged bankrupts.
EU Nationals with a ‘pre-settled status’

Description

Indicates if we can potentially consider buy to let applications from EU Nationals with a ‘pre-settled status’ under the EU Settlement Scheme

Policy

Ipswich Building Society can potentially lend to EU, EEA (Including Iceland, Norway and Liechtenstein) and Swiss citizens if clients can evidence that they have successfully applied for Pre Settled status will be accepted

Warning

  • Maximum LTV 80%
  • You must have been a resident in the UK for a minimum of two years  (evidenced through passport stamp or other immigration documentation)
  • Have a valid UK work permit / visa (with at least 2 years left to run until expiry) and been working in the UK for a minimum of 2 years
  • Employed applicants only and subject to UK tax
  • Hold a UK Current Account
  • Because of the potential short term nature of residency, non UK nationals will be assessed on an individual basis, the applicant(s) should be of a professional standing and working in one of the following sectors – Education, Healthcare, Finance & Banking, IT or Legal.
  • Applicants must have a minimum deposit of 20% (Gifted deposits are not acceptable)
  • Consideration will be given to employment type and potential length of stay within the UK
EU Nationals with a ‘settled status’

Description

Indicates if we can potentially consider buy to let applications from EU Nationals with a ‘settled status’ under the EU Settlement Scheme

Policy

Ipswich Building Society can potentially lend to EU Nationals with a ‘settled status’ under the EU Settlement Scheme
Energy Performance Rating (EPC) rating 'F' or 'G'

Description

Indicates if we can potentially offer Buy to Let mortgages on properties that have an EPC rating of 'F' or 'G'

Policy

Ipswich Building Society will not offer Buy to Let mortgages on properties that have an EPC rating of 'F or 'G'.
Escalating Ground Rents

Description

Indicates if we can potentially lend on Buy to Let applications for leasehold properties that have an escalating ground rent clause.

Policy

Ipswich Building Society will not lend on leasehold properties where an escalating ground rent clause exists.
Estate Rentcharges

Description

Indicates if we can potentially lend on Buy to Let applications for freehold properties where 'Estate Rent Charge' clauses exist.

Policy

Ipswich Building Society will not lend on freehold properties where exists any estate charge obligations against the purchaser.
Ex MOD properties

Description

Indicates if we can consider lending on an ex MOD property on a buy to let application.

Policy

Ipswich Building Society will not consider an application on an ex MOD property
ExPat Deposit source non-UK

Description

Indicates if we can accept deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit for Expat Buy to Let applications.

Policy

Ipswich Building Society will consider expat applications where the source of deposit does not originate from the UK. It must originate from the country that the applicant is domicile in and the funds must be in the UK prior to application.
Expat Buy to Let

Description

Indicates if we can potentially consider Buy to Let applications from expats.

Policy

We are able to accept Expat BTL applications.

Warning

Our minimum loan size across all products has been temporarily changed to £100,000.
Expat Regulated Buy to Let (Let to Family Member)

Description

Indicates if we can consider expat buy to let applications where the intention is to Let to a family member

Policy

Ipswich Building Society does accept Buy to Let mortgages from Expat applicants where the property will be Let to Family Member(s)
Expat UK Credit Profile Required

Description

Indicates if we require expats to have a UK credit profile

Policy

Ipswich Building Society requires 'Expat' applicants to have a UK credit profile.
Expat minimum income

Description

Indicates if we have a minimum income requirement when assessing expat applications and if so what is it

Policy

The minimum income requirement for Expat applicants is the equivalent of £40,000 - This must from at least one applicant, not combined.
Expat: Holiday Lets

Description

Indicates if we can potentially consider applications from expat borrowers that wish to Let the property on a Holiday Let basis.

Policy

Ipswich Building Society will not consider 'Holiday Lets' on an expat Buy to Let basis.
Financial Associates with Adverse

Description

Indicates if we can potentially accept Buy to Let applications from an applicant who is financially associated with someone who has adverse credit.

Policy

Ipswich Building Society will not accept applicants that are financially associated with persons that have adverse credit.
First Time Buyers

Description

Indicates if we can potentially consider applications from First Time Buyers.

Policy

Ipswich Building Society does not accept Buy to Let applications from 'First Time Buyers'.

Outside

We can consider 'First Time Buyers' on a case by case basis for ExPat applications.
First Time Landlords

Description

Indicates if we can potentially consider applications from First Time Landlords.

Policy

Ipswich Building Society can potentially accept Buy to Let applications from 'First Time Landlords'.
Flat/Maisonette Maximum LTV (New Build)

Description

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a NEW BUILD flat or NEW BUILD maisonette.

Policy

We can accept applications up to 75% LTV.

Warning

For New Build flats we lend up to 75% LTV in Suffolk, Norfolk, Essex, Cambs, Herts and London.
Flat/Maisonette Maximum LTV (Standard)

Description

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a flat or maisonette and it is NOT considered a new build.

Policy

We are able to accept flats/maisonettes up to 80% LTV.

Warning

We cannot accept freehold flats/maisonettes., Leasehold flats only
Flying Freehold: Maximum acceptable percentage of the gross floor area

Description

Indicates the maximum percentage of gross floor area the flying freehold part covers that can be considered by us

Policy

Ipswich Building Society does not lend on properties with a flying freehold
Foreign Nationals (Living Overseas)

Description

Indicates if we can potentially consider applications from foreign nationals living overseas who wish to obtain a BUY TO LET mortgage here in the UK. For example, a Chinese applicant who does not live or work in the UK who wants to purchase property here in the UK on a Buy to Let basis as an investment.

Policy

Ipswich Building Society will not consider Buy to Let applications for foreign nationals (living overseas)
Foreign Nationals (WITHOUT indefinite leave to remain)

Description

Indicates if we are potentially able to accept applications from foreign nationals that DO NOT have indefinite leave to remain.

Policy

Ipswich Building Society does not accept applications from foreign nationals that do not have indefinite leave to remain
Foreign Nationals (with indefinite leave to remain)

Description

Indicates if we are potentially able to accept applications from foreign nationals that have indefinite leave to remain

Policy

We are able to accept application from Foreign Nationals (with indefinite leave to remain)
Full Time Landlord

Description

Indicates if we can potentially lend to what we consider to be professional landlords. Typically a professional landlord is an applicant whose main income source is from their rental income from property.

Policy

Ipswich Building Society does not accept applications from 'Full Time Landlords'.
Gambling (recurring transactions)

Description

Indicates if we can potentially consider applicants with recurrent gambling transactions on BTL applications

Policy

Ipswich Building Society will not consider applicants that have recurring gambling transactions
Green mortgage

Description

Indicates if we can potentially accept a Green Mortgage buy to let application.

Policy

Ipswich Building Society is unable to consider a Green Mortgage buy to let application
Guaranteed rental scheme

Description

Indicates if a we will consider applications on a Guaranteed Rent Scheme

Policy

Ipswich Building Society will not consider applications where a Guaranteed Rental Scheme will be set up
HMO First Time Landlord

Description

Indicates if we can consider a Buy to Let application on an HMO property from a first time landlord.

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Maximum LTV

Description

Indicates the maximum LTV we can consider for Buy to Let applications on HMO properties

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Maximum Number of Bedrooms

Description

Indicates if we have a maximum number of bedrooms allowed on HMO properties and if so how many

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Maximum Number of Kitchens

Description

Indicates the maximum number of kitchens permitted by us in an HMO property

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Maximum Number of Storeys

Description

Indicates the maximum number of storeys permitted on HMO properties.

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Minimum Applicant Experience

Description

Indicates if we require applicants to have a minimum HMO experience and if so how much (IN MONTHS)

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Minimum Double Bedroom Square Metre

Description

Indicates if we have a minimum square metreage requirement on a double bedroom and if so what it is.

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Minimum Property Value

Description

Indicates if we specify a minimum property value for HMO properties and if so what it is.

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Minimum Single Bedroom Square Metre

Description

Indicates if we have a minimum square metreage requirement on a single bedroom and if so what it is.

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO Unlicensed Acceptable

Description

Indicates if we can potentially accept Buy to Let applications on Houses of Multiple Occupation (HMOs) that are 'unlicensed'

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO rental valuation assessment

Description

Indicates if we can potentially use the HMO rental valuation as opposed to standard AST valuation for HMO applications

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
HMO: Communal area in the property

Description

Indicates if we can potentially consider an HMO application without a communal area in the property

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
Historic CIFAS Record (Years)

Description

Indicates if we can potentially accept Buy to Let applications from an applicant that is on the CIFAS register and if so, what time must have passed in order for them to be potentially accepted by the lender for a new mortgage application.

Policy

Ipswich Building Society can potentially accept customers that are registered on the CIFAS register.
House of Multiple Occupation (HMO's)

Description

Indicates if we can potentially accept Buy to Let applications on Houses of Multiple Occupation (HMOs)

Policy

Ipswich Building Society does not lend on 'Houses of Multiple Occupation (HMO)'.
House/Bungalow Maximum LTV (New Build)

Description

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a NEW BUILD house/bungalow.

Policy

The following changes are effective immediately:
  • We are no longer accepting purchase applications - remortgages only
  • Lending restricted to 75% LTV across all product ranges
  • No properties above £1m
  • No flats or new build properties
House/Bungalow Maximum LTV (Standard)

Description

Indicates the maximum potential loan to value (LTV) we can accept where the property type is a house or bungalow and it is NOT considered a new build.

Policy

The following changes are effective immediately:
  • We are no longer accepting purchase applications - remortgages only
  • Lending restricted to 75% LTV across all product ranges
  • No properties above £1m
  • No flats or new build properties
ICR Rental Calculation (Income Coverage Ratio): (purchases) (Additional Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances: 
  • Type = Standard Purchase
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

For our standard products, 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%.
ICR Rental Calculation (Income Coverage Ratio): (purchases) (Additional Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Standard Purchase 
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.

ICR Rental Calculation (Income Coverage Ratio): (purchases) (Basic Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Standard Purchase
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

For our standard products, 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%.
ICR Rental Calculation (Income Coverage Ratio): (purchases) (Basic Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Standard Purchase
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.
ICR Rental Calculation (Income Coverage Ratio): (purchases) (Higher Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Standard Purchase
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

For our standard products, 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%.
ICR Rental Calculation (Income Coverage Ratio): (purchases) (Higher Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Standard Purchase
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.
ICR Rental Calculation (Income Coverage Ratio): (remortgages balance swap) (Additional Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage Balance Swap
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

When a straight balance switch is taking place we can look at this under Transitional Arrangements. There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.

• The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let
• The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party
• Portfolio landlords are excluded
• Loan amount can be lower.
• Does not have to have been in place prior to April 2014
• Not available to EXPATS
ICR Rental Calculation (Income Coverage Ratio): (remortgages balance swap) (Additional Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage Balance Swap
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% on payrate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate

Outside

We offer transitional mortgages for customers who have a buy to let property which completed before January 2017 and will have no material changes made. The property must always have been a buy to let, we do not accept consent to lets under this transitional calculator.
ICR Rental Calculation (Income Coverage Ratio): (remortgages balance swap) (Basic Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage Balance Swap
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

When a straight balance switch is taking place we can look at this under Transitional Arrangements. There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.

• The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let
• The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party
• Portfolio landlords are excluded
• Loan amount can be lower.
• Does not have to have been in place prior to April 2014
• Not available to EXPATS
ICR Rental Calculation (Income Coverage Ratio): (remortgages balance swap) (Basic Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage Balance Swap
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.





Outside

We offer transitional mortgages for customers who have a buy to let property which completed before January 2017 and will have no material changes made. The property must always have been a buy to let, we do not accept consent to lets under this transitional calculator.
ICR Rental Calculation (Income Coverage Ratio): (remortgages balance swap) (Higher Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage Balance Swap
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

When a straight balance switch is taking place we can look at this under Transitional Arrangements. There must be 125% rental cover against the monthly mortgage payment based upon the payrate, no additional stressing is required.

• The existing mortgage MUST be an existing Buy to Let contract and NOT a residential contract with consent to let
• The re mortgage must be in the same names as the existing mortgage contract i.e. no adding or removing a party
• Portfolio landlords are excluded
• Loan amount can be lower.
• Does not have to have been in place prior to April 2014
• Not available to EXPATS
ICR Rental Calculation (Income Coverage Ratio): (remortgages balance swap) (Higher Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage Balance Swap
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at pay rate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.

We offer transitional mortgages for customers who have a buy to let property which completed before January 2017 and will have no material changes made. The property must always have been a buy to let, we do not accept consent to lets under this transitional calculator.





ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Additional Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

For our standard products, 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%.
ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Additional Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Additional Rate (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate above - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.
ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Basic Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

For our standard products, 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%.
ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Basic Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Basic (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate shown - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.
ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Higher Rate Tax Payers)

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

For our standard products, 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%.
ICR Rental Calculation (Income Coverage Ratio): (remortgages with extra borrowing) (Higher Rate Tax Payers) 5 YEAR FIX

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:
  • Type = Remortgage with Extra Borrowing
  • Tax Band Applied = Higher (based on the highest rate of all applicants)
  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = NO
The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

145% at payrate - example rate shown - please check our website or the sourcing system to see if we have a 5 yr fixed available and at what rate.
ICR Rental Calculation for Limited Companies (Income Coverage Ratio) 5 yr fix

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • 5 Year Fix Product = YES
  • HMO = NO
  • Ltd Company Buy to Let = YES

The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

Ipswich Building Society does not offer Ltd Company BTL mortgages.
ICR Rental Calculation for Limited Companies (Income Coverage Ratio) Less than 5 yr fix

Description

This relates to the potential rental calculation a lender will apply in the following circumstances:

  • 5 Year Fix Product = NO
  • HMO = NO
  • Ltd Company Buy to Let = YES

The rate applied is only a guideline and you should check directly with us to ensure this calculation can be applied for your client(s)

Policy

Ipswich Building Society does not offer Ltd Company BTL mortgages.
Income made up primarily of benefits

Description

Indicates if we can potentially accept income where it is primarily made up of benefits. An example of this would be where benefit income exceeds earned income or represents more than 50% of total income.

Policy

Ipswich Building Society can potentially accept applicants whose income is made up primarily of benefits.

Warning

Please note that some income is only taken at 50% or not at all.
Individual Voluntary Arrangements (IVA)

Description

Specifies if we are able to potentially consider a Buy to Let application from an applicant who has previously had an Individual Voluntary Arrangement (IVA) registered against them. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.

This criteria displays if a person who has had an IVA can be considered on a general level but you should read the policy notes and related criteria carefully to dig deeper with regard your clients specific situation.


Policy

We cannot offer a loan if the applicant is an undischarged bankrupt or is a discharged bankrupt/IVA where the bankruptcy was discharged less than three years ago or the IVA was satisfied less than 3 years ago.

A copy of the IVA certificate of completion must be provided.


Warning

Please note that a maximum LTV of 75% will be applied to all applications with an historic IVA.
Individual Voluntary Arrangements - IVA (Years satisfied)

Description

Displays if we accept Buy to Let applications from borrowers who have had an IVA and if so how many years it must have been satisfied for. An IVA is satisfied when the payment plan has been completed. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered.

This criteria displays how long ago it must have been satisfied so you should read the policy notes carefully to check if the lenders specifies how long ago it must have been registered.


Policy

To be able to accept an application the IVA must have been satisfied for 3 years.

Warning

Please note that a maximum LTV of 75% is applicable with a previous IVA.
Individual Voluntary Arrangements - IVA (Years since registered)

Description

Displays if we accept Buy to Let applications from borrowers who have had an IVA and if so how many years ago it must have been registered. An IVA is registered when a payment plan is agreed with the creditors. 

IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date). This is important because some lenders will specify how long it must have been satisfied for and others will use how long ago it was registered. 

This criteria displays how long ago it must have been registered so you must read the policy notes carefully to check if the lender specifies how long ago it must have been satisfied as well.

Policy

To be able to accept an application the IVA must have been satisfied for 3 years.


Warning

Please note that a maximum LTV of 75% is applicable with a previous IVA.

Inter-family sales (no discount)

Description

Indicates if we can consider an inter-family buy to let application with no discount being offered

Policy

Ipswich Building Society can potentially consider an application from an inter-family sale with no discount being offered
Japanese Knotweed

Description

Specifies if we are able to potentially accept applications where there is evidence of Japanese knotweed at the property or near the property.

Policy

We will not lend on a property with Japanese Knotweed

Outside

Ipswich BS might be able to assist if this was historic and there are suitable guarantees in place
Joint application sole proprietor

Description

Indicates if we will accept applications from joint borrowers where only ONE applicant will OWN the property.

Policy

We are not able to accept this type of application
Late Payments (Not Missed)

Description

Indicates if a we can potentially consider buy to let applications from applicants who have a history of late payments (NOT REGISTERED AS MISSED) on any credit agreements they hold.

Policy

Ipswich Building Society can potentially accept applicants with previous 'Late Payments'.
Layered company Ltd BTL

Description

Indicates if we will consider a Limited Company Buy to Let application from a layered Ltd Company

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Leasehold Property where No Separate Management Company Exists

Description

Indicates if we can potentially lend on Buy to Let applications for leasehold properties where no separate management company exists.

Policy

Ipswich Building Society can potentially consider lending on leasehold properties where no separate management company exists.

Warning

Please contact us to discuss.
Legal: No search indemnity insurance (purchases)

Description

Indicates if we can potentially accept ‘no-search indemnity insurance’ for a purchase application

Policy

Ipswich Building Society is unable to accept ‘no-search indemnity insurance’ for a purchase application
Legal: No search indemnity insurance (remortgages)

Description

Indicates if we can potentially accept ‘no-search indemnity insurance’ for a remortgage application

Policy

Ipswich Building Society is unable to accept ‘no-search indemnity insurance’ for a remortgage application
Legal: Private local authority search (purchases)

Description

Indicates if we can potentially accept a private local authority search for a purchase application

Policy

Ipswich Building Society can potentially accept a private local authority search for a purchase application subject to:
  1. A suitably qualified search agent carries out the personal search and has indemnity insurance that adequately protects us or
  2. The search insurance policy adequately protects us

Warning

The Solicitor must also confirm that the title is good and marketable and personal searches are subject to the search firm subscribing to the Search Code monitored by the Property Code Compliance Board.



Legal: Private local authority search (remortgages)

Description

Indicates if we can potentially accept a private local authority search for a remortgage application

Policy

Ipswich Building Society can potentially accept a private local authority search for a remortgage application subject to:
  1. A suitably qualified search agent carries out the personal search and has indemnity insurance that adequately protects us or
  2. The search insurance policy adequately protects us




Warning

The Solicitor must also confirm that the title is good and marketable and personal searches are subject to the search firm subscribing to the Search Code monitored by the Property Code Compliance Board.



Lender or Group Lending Limit

Description

Indicates if we have a maximum exposure limit a borrower can have with us or within our group.

Policy

Our maximum exposure limit a borrower can have withor within their group is £750,000.
Lender or Group Maximum Number of Mortgages

Description

Indicates if we have a maximum number of mortgages a borrower can have with us or within our group. 

Policy

IBS will lend on up to 3 BTL’s (No professional landlords)

Lending Location: Channel Islands

Description

Indicates if we can potentially consider Buy to Let lending on properties located in the Channel Islands.

Policy

Ipswich Building Society does not lend on properties in the Channel Islands.
Lending Location: England

Description

Indicates if we can potentially consider Buy to Let lending on properties located in England.

Policy

We lend on properties in England
Lending Location: Isle of Man

Description

Indicates if we can potentially consider lending on properties located on the Isle of Man.

Policy

Ipswich Building Society does not lend on properties on the Isle of Man.
Lending Location: Isle of Wight

Description

Indicates if we can potentially consider lending on properties located on the Isle of Wight

Policy

Ipswich Building Society does lend on properties on the Isle of Wight.
Lending Location: Northern Ireland

Description

Indicates if we can potentially consider lending on properties located in Northern Ireland.

Policy

Ipswich Building Society does not lend on properties in Northern Ireland.
Lending Location: Scilly Isles

Description

Indicates if we can potentially consider lending on properties located in the Scilly Isles.

Policy

Ipswich Building Society does not lend on properties in the Scilly Isles.
Lending Location: Scotland

Description

Indicates if we can potentially consider lending on properties located in Scotland.

Policy

Ipswich Building Society does not lend on properties in Scotland.
Lending Location: Wales

Description

Indicates if we can potentially consider lending on properties located in Wales.

Policy

We lend on properties in Wales
Lending against Uplifted Value following Refurbishment Works

Description

Indicates if we can potentially offer a remortgage and use the uplifted value of the property following recent works of improvement. For example, Jon purchases a property for £150,000 and spend a couple of months doing the place up following which the property is now worth £250,000. Jon now wants to find a lender who will allow him to raise capital based on the newly enhanced value.

Policy

Ipswich Building Society will not use the uplifted value in this situation.
Let to Buy (Remortgage current residential to Buy to Let)

Description

Indicates if we can potentially accept applications to remortgage onto a buy to let basis when the current mortgage is residential.

Policy

We are able accept applications to remortgage onto a buy to let basis when the current mortgage is residential.
Let to Rent

Description

Indicates if we will allow an applicant to remortgage their current residential property onto a Buy to Let mortgage and then move into rented accomodation as opposed to purchasing a new main residence.

Policy

Ipswich Building Society will not consider Buy to Let remortgage applications where the property is currently the applicants main residence but will now be Let and the applicant will be moving into separate rented accomodation
Limited Company (SPV) Minimum trading period

Description

Indicates if there is a minimum trading period for 'Special Purpose Vehicle Limited Companies' and if so how long IN MONTHS this is.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (SPV) applicant definition

Description

Indicates if we consider both 'Directors AND Shareholders' as applicants or 'Directors' only when assessing applications from Special Purpose Vehicle Ltd Companies.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (SPV) maximum number of applicants

Description

Indicates the maximum number of applicants we can consider when lending to Special Purpose Vehicle Limited Companies.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (SPV) shareholders required to provide personal guarantees

Description

Indicates if we require shareholders in a 'Special Purpose Vehicle' Limited Company to provide personal guarantees as well as the 'Directors'.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (Trading) Min Trading Period

Description

Indicates if there is a minimum trading period for 'Trading Limited Companies' and if so how long IN MONTHS this is.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (Trading) applicant definition

Description

Indicates if we consider both 'Directors AND Shareholders' as applicants or 'Directors' only when assessing applications from Trading Ltd Companies.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (Trading) maximum number of applicants

Description

Indicates the maximum number of applicants we can consider when lending to Trading Limited Companies

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company (Trading) shareholders required to provide personal guarantees

Description

Indicates if we require shareholders in a 'Trading' Limited Company to provide personal guarantees as well as the 'Directors'.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company Buy to Let

Description

Indicates if we can potentially accept Buy to Let applications from Limited Companies

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company Buy to Let (Special Purpose Vehicle SPV)

Description

Indicates if we can potentially accept Buy to Let applications from Limited Companies where the Ltd company is set up as a 'Special Purpose Vehicle (SPV)'.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company Buy to Let (Trading Company - No SPV)

Description

Indicates if we can potentially accept Buy to Let applications from Trading Limited Companies. Trading Limited Companies are companies that are not set up exclusively for the purpose of buying property for example a trading ltd company that sells furniture as its primary function.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Limited Company Maximum Age of Director / Shareholder / Applicant at application

Description

Indicates the maximum age an applicant can be at application.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Ltd Co BTL: Source of deposit is from applicants other company

Description

Indicates if we consider a Limited Company Buy to Let application where the source of deposit is from applicants other company

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Maximum Aggregate Portfolio LTV (within group or lender)

Description

Indicates if we specify a maximum LTV of all properties owned by the applicants that are mortgaged to them or their group.

Policy

We do not lend to portfolio landlords. Maximum 75% on all BTL’s with the Society. If mixed BTL and residential we have no set maximum LTV for the total lending as long as the individual LTV limits are not breached.

Maximum Ground Rent (as % of Property Value/Purchase Price)

Description

Indicates if we have a maximum threshold, and if so what it is, that the ground rent on a leasehold property cannot exceed measured against the property value on Buy to Let applications. For example, Applicant 'A' is purchasing a leasehold flat valued at £100,000 that has a ground rent payable annually of £100. This ground rent equates to 0.1% of the property value. Lender 'A' has no maximum threshold on ground rents and therefor Applicant 'A' is able to proceed with a mortgage application on this property.

Policy

Ipswich Building Society has no maximum threshold percentage against the property value that the ground rent cannot exceed.
Maximum LTV across the whole portfolio

Description

Indicates if we specify a maximum LTV of all properties owned by the applicants across their entire portfolio. This includes mortgages held with the lender and group and all other mortgages held with other lenders.

Policy

No set maximum but no portfolio landlords accepted.

Maximum Loan to Value (LTV)

Description

Indicates the maximum LTV we can consider for Buy to Let applications

Policy

Our maximum LTV for a Buy to Let applications is 80%.

Maximum Mortgage Arrears in last 24 Months

Description

Indicates if we can potentially accept Buy to Let applications from an applicant who has mortgage arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

Policy

Ipswich Building Society can potentially accept cases with mortgage arrears in the past 24 months if the LTV is below 75%.

Warning

Please refer to the sales team to discuss.
Maximum Number of CCJs (Satisfied)

Description

Indicates if we can consider Buy to Let applications from applicants with previously satisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously satisfied CCJs in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Policy

Ipswich Building Society can consider applicants with up to 1 satisfied CCJs. If you have more than one please contact the Sales Team to discuss.
Maximum Number of CCJs (Unsatisfied)

Description

Indicates if we can consider Buy to Let applications from applicants with unsatisfied CCJs and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously unsatisfied CCJs in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Policy

Ipswich Building Society will not consider applicants with unsatisfied CCJs.
Maximum Number of Defaults (Satisfied)

Description

Indicates if we can consider Buy to Let applications from applicants with previously satisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously satisfied Defaults in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Policy

Ipswich Building Society can consider applicants with up to 1 satisfied Defaults. If you have more than one please contact the Sales Team to discuss.
Maximum Number of Defaults (Unsatisfied)

Description

Indicates if we can consider Buy to Let applications from applicants with unsatisfied Defaults and if so what the maximum allowable number registered against an applicant is. For example, applicant 'A' has 3 previously unsatisfied Defaults in the past 6 years and Lender 'A' says the maximum number they will allow is 2 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total value and other adverse credit.

Policy

Ipswich Building Society will not consider applicants with unsatisfied Defaults.
Maximum Term (Years)

Description

Indicates the maximum term a Buy to Let mortgage can be taken over.

Policy

Our maximum term is 30 years
Maximum Unsecured Arrears in last 24 Months

Description

Indicates if we can potentially accept Buy to Let applications from an applicant who has unsecured arrears in the past 2 years and if so what is the maximum number of missed payments in the past 2 years that can be accepted.

Policy

Ipswich Building Society will not consider Buy to Let applicants with any unsecured arrears in the previous 12 months. Please contact the Sales Team to discuss.
Maximum Value of CCJs (Satisfied)

Description

Indicates if we can potentially consider Buy to Let applications from applicants with previously satisfied CCJs and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 previously satisfied CCJs in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Policy

Ipswich Building Society can consider applicants with satisfied CCJs up to a maximum value of £500. If you have a CCJ that is more than £500, please contact the Sales Team to discuss.
Maximum Value of CCJs (Unsatisfied)

Description

Indicates if we can consider Buy to Let applications from applicants with unsatisfied CCJs and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 unsatisfied CCJs in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Policy

Ipswich Building Society will not consider applicants with unsatisfied CCJs.
Maximum Value of Defaults (Satisfied)

Description

Indicates if we can potentially consider Buy to Let applications from applicants with previously satisfied Defaults and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 previously satisfied Defaults in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Policy

Ipswich Building Society can consider applicants with satisfied Defaults up to a maximum value of £500. If you have a Default that is more than £500, please contact the Sales Team to discuss.
Maximum Value of Defaults (Unsatisfied)

Description

Indicates if we can potentially consider Buy to Let applications from applicants with unsatisfied Defaults and if so what the maximum allowable value of all registered against an applicant is. For example, applicant 'A' has 3 unsatisfied Defaults in the past 6 years totaling £1,230 and Lender 'A' says the maximum value they will allow is £500 registered on the applicants credit file. Therefore applicant 'A' would be unable to apply for a mortgage with Lender 'A' at this time. Other factors may also be factored in such as (but no limited to) total number registered and other adverse credit registered against the applicant.

Policy

Ipswich Building Society will not consider applicants with unsatisfied Defaults.
Maximum debt to income ratio

Description

Indicates the maximum potential debt to income (DTI) ratio we might accept for Buy to Let applications. For example, an applicant has outstanding unsecured debts of £26,000 and a salary of £40,000. Therefore their DTI is 65%.

Policy

We normally look for no more than 10x debt to income on a BTL application. We look at the customer's/s' residential mortgage, BTL mortgage and unsecured balances when assessing this.

Outside

There is some flexibility to go slightly over this. Please contact the Business Development Team to discuss.
Maximum length of time of assured shorthold tenancy (AST)

Description

Indicates the maximum number of months we specify is required on an Assured Shorthold Tenancy (AST)

Policy

The maximum number of months on an Assured Shorthold Tenancy (AST) is 12.


Maximum number of applicants allowed

Description

The maximum number of applicants able to go on a Buy to Let mortgage application.

Policy

We will accept up to 4 applicants on an application.

With an application with more than 2 applicants we will only be able to use income for the two highest earning applicants.

Maximum number of rental properties MORTGAGED with ALL lenders

Description

Indicates if there is a maximum number of mortgaged Buy to Let properties and if so how many, an applicant can have in the background. 

Policy

Ipswich Building Society has a maximum number of mortgaged Buy to Let properties with other lenders of 3.
Maximum number of storeys considered for lending on ex local authority flats

Description

Indicates the maximum number of stories we can consider when lending on ex local authority high rise flats.

Policy

We are not able to lend on ex local authority flats unless on a Right to Buy application

Warning

We are not able to lend on ex local authority flats unless on a Right to Buy application
Maximum number of storeys considered for lending on flats

Description

Indicates the maximum number of storeys we can consider when lending on high rise flats.

Policy

Maximum number of stories we can consider is 5
Maximum number of stories where no lift is present

Description

Indicates the maximum number of storeys we can consider when lending on flats when there is no lift access.

Policy

Ipswich Building Society has a limit of 5 storeys in a flat where no lift is present
Maximum number of students considered on one AST

Description

Indicates the maximum number of students we can consider on a single AST

Policy

Ipswich Building Society does not accept students Lets
Maximum number of tenants on an assured shorthold tenancy (AST)

Description

Indicates the maximum number of tenants permitted by us on a single Assured Shorthold Tenancy

Policy

The maximum number of tenants permitted on a single Assured Shorthold Tenancy is 4.
Minimum ICR across the whole portfolio

Description

This relates to if we specify a minimum income coverage ratio (ICR) that cannot be exceeded across the customers entire portfolio including both properties mortgaged to us and to other lenders.

Policy

We do not lend to portfolio landlords.
Minimum Income Requirement

Description

Indicates if we have a minimum income requirement for Buy to Let applications and if so what it is.

Policy

The minimum income requirement for a BTL application will be £25,000 gross income. Please note that in the case of joint applicants, one applicant must earn the minimum required figure of £25,000 gross.
Minimum Landlord Experience (in MONTHS)

Description

Indicates if we require a minimum amount of experience (IN MONTHS) when lending on Buy to Let applications

Policy

Ipswich Building Society has no minimum experience requirement for applicants.

Warning

If it is a Holiday Let application, we do like them to have had two years experience.
Minimum Length of Time Employed (in MONTHS)

Description

Specifies if there is a minimum number of months (if so how many) employed applicants must have been continuously employed on Buy to Let applications.

Policy

Ipswich Building Society requires applicants to have been in employment for at least 6 months. If less than this, please contact our Sales Team.
Minimum Loan Size

Description

Indicates the minimum loan size (if there is one) that we accept for new applications.

Policy

Our minimum loan size across all products has been temporarily changed to £100,000.
Minimum Percentage of Properties under Private Ownership on Ex-Local Authority Blocks of Flats

Description

Indicates if we can potentially lend on a ex-local authority flat/apartments and if so is there a minimum percentage in the block that must be privately owned when assessing Buy to Let applications.

Policy

We do not lend on Ex Local Authority Flats on a BTL basis.
Minimum Property Value for standard Buy to Let lending

Description

Indicates if we have a minimum property value they require for new Buy to Let applications.

Policy

Our minimum property value on BTL applications is £100,000
Minimum Term (Years)

Description

Indicates the minimum term a Buy to Let mortgage can be taken over.

Policy

The minimum term is five years
Minimum length of time of assured shorthold tenancy (AST)

Description

Indicates the minimum number of months we specify is required on an Assured Shorthold Tenancy (AST)

Policy

The minimum number of months required on an Assured Shorthold Tenancy is 6 months.
Minimum remaining lease at application

Description

Indicates the minimum required lease remaining at date of application we can potentially accept. 

Policy

If property is leasehold there should be a minimum of 85 years remaining on the lease at the commencement of our advance.
Minimum remaining lease at end of term

Description

Indicates the minimum required lease remaining at the end of the mortgage term we can potentially accept.

Policy

Our minimum lease at the start of the loan is 85 years
Months passed where Mortgage Arrears can be ignored

Description

Indicates if we can potentially ignore mortgage arrears that are historic and if so at what point they can potentially be ignored when assessing Buy to Let mortgage applications.

Policy

Ipswich Building Society can potentially ignore previous mortgage arrears that are older than 48 months old.
Multi Unit Freehold (multiple properties on same title)

Description

Indicates if we can potentially lend on single title multi-unit properties

Policy

Ipswich Building Society does not lend on 'Multi Unit Freehold' properties.
Multi Unit Freehold Maximum Number of Flats

Description

Indicates the maximum number of units permitted on a single title multi unit property

Policy

Ipswich Building Society does not lend on 'Multi Unit Freehold' properties.
Multi Unit Minimum Floor Area of each Unit Requirement (Sq Meters)

Description

Indicates if there is a minimum square meterage requirement on a single title multi unit property

Policy

Ipswich Building Society does not lend on 'Multi Unit Freehold' properties.
New Build Warranty: AEDIS

Description

Indicates if AEDIS  is an acceptable new build warranty for us on new build properties.

Policy

Ipswich Building Society does not accept AEDIS as an acceptable new build warranty
New Build Warranty: Build Assure

Description

Indicates if Build Assure is an acceptable new build warranty for us on new build properties.

Policy

We are not able to accept this new build warranty
New Build Warranty: Building Life Plans

Description

Indicates if Building Life Plans is an acceptable new build warranty for us on new build properties.

Policy

We are not able to accept this building warranty
New Build Warranty: Buildzone

Description

Indicates if Buildzone is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept Buildzone as a new build warranty
New Build Warranty: CRL Management Ltd

Description

Indicates if CRL Management Ltd is an acceptable new build warranty for us on new build properties.

Policy

We are not able to accept CRL Management Ltd as an acceptable new build warranty
New Build Warranty: Checkmate (Castle 10)

Description

Indicates if Checkmate (Castle 10) is an acceptable new build warranty for us on new build properties.

Policy

We are not able to accept this as a new build warranty
New Build Warranty: Global Home Warranties

Description

Indicates if Global Home Warranties is an acceptable new build warranty for us on new build properties.

Policy

We are not able to accept this type of building warranty
New Build Warranty: ICW

Description

Indicates if we can potentially accept ICW as an acceptable new build warranty

Policy

Ipswich Building Society does not accept ICW as an acceptable new build warranty
New Build Warranty: LABC

Description

Indicates if LABC is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept LABC as an acceptable new build warranty
New Build Warranty: NHBC Guarantee

Description

Indicates if NHBC Guarantee is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept NHBC Guarantee as an acceptable new build warranty
New Build Warranty: Premier Guarantee Scheme

Description

Indicates if Premier Guarantee Scheme is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept this type of warranty
New Build Warranty: Professional Consultants Certificate

Description

Indicates if Professional Consultants Certificate is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept the Professional Consultants Certificate as an acceptable new build warranty. Architects certificate accepted. Must fit Society suitably qualified criteria
New Build Warranty: Protek

Description

Indicates if Protek is an acceptable new build warranty for us on new build properties.

Policy

Ipswich Building Society does not accept Protek as an acceptable new build warranty.
New Build Warranty: Q Assure Build

Description

Indicates if Q Assure Build is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept this new build warranty
New Build Warranty: Zurich Municipal "New Build"

Description

Indicates if Zurich Municipal "New Build" is an acceptable new build warranty for us on new build properties.

Policy

We are able to accept this type of new build warranty
Non Owner Occupier

Description

Indicates if we can potentially accept an applicant that is a non-owner occupier for a Buy to Let application. 
This is not to be confused with a First Time Buyer or First Time Landlord.

Policy

Ipswich Building Society can potentially accept Buy to Let applications from 'Non Owner Occupiers'.
Number of credit reference agencies used

Description

Indicates the number of credit reference agencies we may use during the entire application process. 

Policy

We use TransUnion as our credit reference agency
Offer expiry time (New Build)

Description

Displays the number of days a NEW BUILD Buy to Let mortgage offer is valid for.

Policy

Our mortgage offers for new build applications will state a validity period of 3 months but will include an auto extend facility for an additional period of 3 months (subject to no material change)

Warning

Our standard 3 month offer, will come with an ‘auto extend’ facility – confirmed by the inclusion of the condition below:

“To allow for an additional period of time to facilitate exchange of mortgage contracts on a new build property, the Mortgage Offer expiry date will be extended for a period of an additional three months (from the date of the Mortgage Offer) without the need to produce new documentation if there are no material changes to the mortgage application. A new Mortgage Offer will be required if there are any material changes to the mortgage application in this period.”

Offer expiry time (Standard)

Description

Displays the number of days a STANDARD Buy to Let mortgage offer is valid for.

Policy

A standard mortgage offer is valid for 3 months from the date the offer is issued
Offset Mortgages Available?

Description

Indicates if we can offer Buy to Let offset mortgages (subject to product availability).

Policy

Ipswich Building Society do not offer offset mortgages.
Overpayment facility as standard (percentage)

Description

Indicates the amount you can usually overpay (subject to product availability) without penalty on our Buy to Let mortgages. 

Policy

Fee free overpayments up to 50% of the original loan (subject to product availability)




Ownership of Adjoining Property (Related Transaction)

Description

Indicates if we can potentially lend on a property where the adjoining property is also owned by one of the applicants.

Policy

Ipswich Building Society does lend on properties where the applicant also owns the adjoining property.
Permission to Self Occupy Holiday Let Property

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property on a Holiday Let basis and occupy the property themselves from time to time. For example whilst the property is predominantly Let on a Holiday Let a few weeks a year the applicant would like to stay in the property.

Policy

We allow up to 60 days of personal use of a holiday let property.
Politically exposed persons

Description

Indicates if we can potentially accept Buy to Let applications from an applicant that is considered a politically exposed person.

Policy

Ipswich Building Society will not consider an applicant that is classed as a politically exposed person.
Portable mortgages as standard

Description

Indicates if our Buy to Let mortgages are portable as standard.

Policy

The majority of mortgages are portable as standard.
Portfolio Applicants Minimum Income Requirement

Description

Indicates if we specifiy a minimum income an applicant must earn in order to be considered for a Buy to Let mortgage where the applicant is considered a portfolio landlord.

Policy

We do not lend to portfolio landlords
Portfolio Landlord Minimum Experience

Description

Indicates if we require a minimum amount of experience (IN MONTHS) if lending to what we consider to be a portfolio landlord.

Policy

We do not have a minimum amount of experience however applicants cannot be a first time buyer
Portfolio Landlords Position and Definition

Description

Indicates if we can accept 'Portfolio' landlords and IMPORTANTLY how they define a portfolio landlord.

Policy

Ipswich Building Society specifies a 'Portfolio Landlord' as 4 or more completed qualifying rental properties that are mortgaged or unencumbered. The number of qualifying properties that constitutes a 'Portfolio Landlord' is All applicants combined Buy To Let properties. A qualifying property:
    • Includes Privately owned Buy to Let rental properties
    • Includes Company owned Buy to Let rental properties
    • where the applicant has a shareholding of more than 0 %
    • Includes Consent to Let properties
    • Includes Holiday Lets
    Single title multi unit properties are counted as one property.
Portfolio Minimum Income Coverage Ratio (ICR) Requirement (within group or lender)

Description

Indicates if we specify a minimum income coverage ratio (ICR) that cannot be exceeded with all mortgaged properties held with us.

Policy

We do not lend to portfolio landlords.
Power of Attorneys

Description

Indicates if we can potentially accept Buy to Let applications from an applicant that is acting with Power of Attorney.

Policy

Ipswich Building Society will not consider an applicant from someone acting as a power of attorney.
Premium lease agreements (tenancies where a proportion of the rent is paid upfront)

Description

Indicates if we can potentially consider applications where the applicant's tenant will be paying their rent as an advance payment. 

Policy

Ipswich Building Society does not accept 'Premium Lease Agreements' where a prospective tenant is paying their rent as an advanced payment.
Previously Repossessed (years ago acceptable)

Description

Indicates if we can accept Buy to Let applications from applicants that have previously been repossessed and if so how many years need to have passed to be acceptable.

Policy

The Society will consider an application so long as the repossession was made over 3 years ago and if the lender incurred a shortfall debt this has been repaid in full by the applicant. Lending will be restricted to a maximum LTV of 75%.
Properties with Asbestos

Description

Indicates if we can potentially lend on a property where there is evidence of asbestos present.

Policy

Ipswich Building Society can potentially lend on properties where Asbestos is identified. However, the application will be subject to the valuers comments.
Property Construction: 100% Timber Construction

Description

Indicates if we are able to potentially accept 100% timber construction properties - this is NOT the same as timber framed.

Policy

We are not able to accept 100% timber construction
Property Construction: BOPAS accreditation required for non-standard construction

Description

Indicates if BOPAS accreditation is required for non-standard construction where the non-standard construction type is acceptable to us

Policy

Ipswich Building Society may require BOPAS accreditation for non-standard construction where the construction type is acceptable to us
Property Construction: British Iron and Steel Federation (BISF)

Description

Indicates if we can potentially consider properties where the construction type is British Iron and Steel Federation (BISF)

Policy

Ipswich Building Society will not lend on properties where the construction type is British Iron and Steel Federation (BISF)
Property Construction: Concrete construction

Description

Indicates if we are able to potentially accept concrete construction properties.

Policy

We are not able to accept concrete construction
Property Construction: Converted church

Description

Indicates if we can potentially consider an application on a converted church

Policy

Ipswich Building Society will not consider an application on a converted church
Property Construction: Dutch barns

Description

Indicates if we can potentially consider Dutch Barn properties

Policy

Ipswich Building Society will not lend on Dutch Barn properties
Property Construction: EWS1 required on properties with combustible cladding or materials on balconies?

Description

Indicates if we require an EWS1 certificate for properties with combustible cladding or materials on balconies

Policy

Ipswich Building Society will not lend on properties with combustible cladding or materials on balconies without a EWS1 form
Property Construction: Easiform

Description

Indicates if we are able to potentially accept Easiform construction properties.

Policy

We are not able to accept Easiform construction properties
Property Construction: Flying Freehold

Description

Indicates if we can potentially accept properties where there exists a flying freehold.

Policy

Maximum 25% - subject to insurance available on standard terms
Property Construction: Insulating concrete form (ICF)

Description

Indicates if we can potentially consider properties where the construction type is Insulating concrete form (ICF)

Policy

Ipswich Building Society can potentially lend on properties where the construction type is Insulating concrete form (ICF)

Warning

This depends on the brand so please contact the Sales Team.
Property Construction: Large Panel System (LPS)

Description

Indicates if we can potentially consider properties where the construction type is Large Panel System (LPS)

Policy

Ipswich Building Society will not lend on properties where the construction type is Large Panel System (LPS)
Property Construction: Majority Flat Roof

Description

Indicates if we can potentially able to accept Buy to Let applications on properties that have majority flat roof. We classify 'majority' as anything over 50%.

Policy

We are unable accept applications on properties that have majority flat roof.
Property Construction: Modern method of construction (MMC)

Description

Indicates if we can potentially accept applications on properties where the construction type is Modern method of construction (MMC).

Policy

We are able to accept applications on properties where the construction type is Modern method of construction (MMC). We require BOPAS certification and will be subject to valuers comments.
Property Construction: Mundic block

Description

Indicates if we can potentially accept applications on properties where the construction type is Mundic block.

Policy

We are unable to accept applications on properties where the construction type is Mundic block.
Property Construction: No-Fines

Description

Indicates if we can potentially accept applications on properties where the construction type is No-Fines.

Policy

Subject to our valuers comments.
Max 75% LTV
If there is cracking a structural engineers report is required

Warning

Subject to our valuers comments. 
Max 75% LTV
If there is cracking a structural engineers report is required
Property Construction: Non repaired prefabricated reinforced concrete

Description

Indicates if we can potentially accept NON repaired prefabricated reinforced concrete as suitable security for lending purposes.

Policy

We are not able to accept NON repaired prefabricated reinforced concrete as suitable security for lending purposes.
Property Construction: Off site manufactured (MMC)

Description

Indicates if we can potentially consider properties where the construction type is Off site manufactured (MMC)

Policy

Ipswich Building Society will not lend on properties where the construction type is Off site manufactured (MMC)
Property Construction: Potton Homes

Description

Indicates if we can potentially consider Potton Home properties

Policy

Ipswich Building Society can potentially lend on a Potton Home property
Property Construction: Repaired prefabricated reinforced concrete

Description

Indicates if we can potentially accept repaired prefabricated reinforced concrete as suitable security for lending purposes.

Policy

We are able accept repaired prefabricated reinforced concrete as suitable security for lending purposes.
Subject to valuers comments. Max 75% LTV.
Property Construction: Single skin

Description

Indicates if we can potentially consider single skin properties

Policy

Ipswich Building Society can potentially lend on single skin property is the percentage is below 25%.

Warning

Subject to underwriters approval.
Property Construction: Steel framed

Description

Indicates if we can potentially accept steel framed properties as suitable lending security.

Policy

We are not able to accept steel framed properties as suitable lending security.
Property Construction: Structural Insulated Panel Solutions (SIPs)

Description

Indicates if we can potentially consider properties where the construction type is Structural Insulated Panel Solutions (SIPs)

Policy

Ipswich Building Society can potentially lend on properties where the construction type is Structural Insulated Panel Solutions (SIPs)

Warning

Subject to underwriter's approval.
Property Construction: Thatched roof

Description

Indicates if we can potentially accept properties that have any element of a thatched roof.

Policy

We are able to accept properties that have an element of a thatched roof.
Property Construction: Timber framed

Description

Indicates if we can potentially accept timber framed properties.

Policy

Modern timber frame accepted (not if also timber clad)

Warning

Modern timber frame accepted (not if also timber clad)
Property Construction: Timber framed (1900 to 1970)

Description

Indicates if we can potentially lend on a property that is of Timber-Framed construction built between 1900 to 1970 for Buy to Let applications.

Policy

Ipswich Building Society can potentially consider lending on properties that are a timber frame construction dating between 1900 to 1970.
Property Construction: Timber framed (Post 1970)

Description

Indicates if we can potentially lend on a property that is of Timber-Framed construction built after 1970 for Buy to Let applications.

Policy

Ipswich Building Society can potentially consider lending on properties that are a timber frame construction dated post 1970.
Property Construction: Timber framed (Pre 1900)

Description

Indicates if we can potentially lend on a property that is of Timber-Framed construction built prior to 1900 for Buy to Let applications.

Policy

Ipswich Building Society can potentially consider lending on properties that are a timber frame construction dating pre 1900.
Property Construction: Tower Block with Cladding

Description

Indicates if we can potentially consider lending on a property in a tower block with cladding

Policy

Ipswich Building Society will not lend on a tower block of flats that have cladding
Property Construction: Wholly Timbered

Description

Indicates if we can potentially consider wholly timbered property

Policy

Ipswich Building Society will not lend on a wholly timbered property
Property Construction: Woolaway

Description

Indicates if we can potentially consider a woolaway property

Policy

Ipswich Building Society will not lend on a woolaway property
Property Developers

Description

Indicates if we can potentially accept applications from property developers

Policy

Ipswich Building Society does not accept Buy to Let applications from individuals the deem property developers.
Property Factors: Mine Shafts

Description

Indicates if we can potentially lend on a property that is close to a mine shaft for Buy to Let applications.

Policy

Ipswich Building Society will not lend on properties that are close to a mine shaft.
Property Factors: Property needing Refurbishment before Letting

Description

Indicates if we can potentially consider Buy to Let applications where refurbishment is required

Policy

Ipswich Building Society can potentially consider a Buy to Let application where the property requires refurbishment before it is Let. We would need to see evidence of the appropriate level of savings to cover this period.

Warning

We normally accept up to 2 months worth of works, please call to discuss.
Property Factors: Underpinned within last 10 years

Description

Indicates if we can potentially lend on properties that have been underpinned in the last 10 years on Buy to Let applications

Policy

Ipswich Building Society can potentially lend of properties that have been underpinned in the last 10 years. We would want to see a structural report to ensure that the underpinning was successful.

Warning

LTV will need to be below 75% for us to consider this. Please contact the team to discuss.
Property Issues: Overage Clause

Description

Indicates if we can potentially consider a property with an Overage Clause

Policy

Ipswich Building Society can potentially consider a property with an Overage Clause

Warning

Depends on the percentage and it would require underwriters approval.
Property Ownership: Possessory Title

Description

Indicates if we can potentially lend on Buy to Let applications for properties that only have possessory title.

Policy

Ipswich Building Society will not lend on properties that are subject to a possessory title.
Property Ownership: Shared access or shared services

Description

Indicates if we can potentially consider a property with shared access or shared services

Policy

Ipswich Building Society will not consider a property with shared access or shared services
Property Ownership: Splitting of a title deed on completion

Description

Indicates if we can potentially consider an application where the splitting of a title deed will take place on completion

Policy

Ipswich Building Society will not consider a Buy to Let application where the splitting of a title deed will take place on completion
This would need to be done prior to the application being submitted
Property Ownership: Tenancy in Common with Unequal Shares

Description

Indicates if we can potentially lend on Buy to Let applications on properties where the joint ownership is set up on a tenants in common basis where each owner has an unequal share. For example, Applicant 'A' owns 70% of the property and Applicant 'B' owns 30%.

Policy

Ipswich Building Society will not consider joint applications where the property ownership will be as tenancy in common with unequal shares.
Property Ownership: Trust

Description

Indicates if we can potentially lend on Buy to Let applications for properties that are owned by a trust.

Policy

Ipswich Building Society will not lend on properties that are owned by a trust.
Property Type: Basement flat

Description

Indicates if we can potentially lend on a basement flat

Policy

Ipswich Building Society can potentially lend on a basement flat. Please refer to our Business Development Team

Warning

Maximum of 5 storeys, including the basement flat.
Property Type: Coach house

Description

Indicates if we can potentially consider a coach house property

Policy

Ipswich Building Society will not lend on coach house
Property Type: Ex local auth flat/maisonette

Description

Indicates if we can potentially able to lend on ex local authority flats/maisonettes.

Policy

We are not able to lend on ex local authority flats/maisonettes outside Right to Buy
Property Type: Ex local authority house/bungalow

Description

Indicates if we can potentially lend on ex local authority houses/bungalows.

Policy

We are able to lend on ex local authority houses/bungalows.
Property Type: Flat above commercial food outlet

Description

Indicates if we can potentially accept flats above a commercial food outlet.

Policy

We will not lend on properties above a commercial food outlet
Property Type: Flat above commercial offices

Description

Indicates if we can potentially accept flats that are above commercial offices.

Policy

We are not able to lend on flats above commercial officies
Property Type: Flat above commercial pub

Description

Indicates if we can potentially accept flats that are above a pub.

Policy

We will not lend on a property above a commercial pub
Property Type: Freehold flats and maisonettes

Description

Indicates if we can potentially accept a flat or maisonette where the tenure is freehold.

Policy

We will not lend on freehold flats or maisonettes
Property Type: Studio Flat Minimum Floor Area (Sq Metres)

Description

Indicates the area in square metres required when lending on studio flats for Buy to Let lending.

Policy

We do not lend on studio flats
Property Type: Studio flat

Description

Indicates if we can potentially lend on studio flats.

Policy

We are not able to lend on studio flats
Property being purchased at auction

Description

Indicates if we can potentially consider an application where the property will be purchased at auction

Policy

Ipswich Building Society can consider an Buy to Let application where the property will be purchased at auction.

Warning

We do recommend calling the team to check on current SLA's and turnaround times to fit with your purchase.
Property factors: Next to commercial (Class A1 – shops and retail outlets)

Description

Indicates if we can potentially lend on a property where it borders Class A1 commercial premises. Class A1 businesses are shops and retail.

Policy

Ipswich Building Society can potentially lend on properties that border class A1 commercial premises.

Warning

Any establishments that run late working hours, or emit noise and/or smell, may not be acceptable.
We recommend that all cases are referred to our sales team prior to submitting an application.

Property factors: Next to commercial (Class A2 – professional services)

Description

Indicates if we can potentially lend on a property where it borders Class A2 commercial premises. Class A2 businesses are professional services.

Policy

Ipswich Building Society can potentially lend on properties that border class A2 commercial premises.

Warning

 Please refer the property before application submission
Property factors: Next to commercial (Class A3 – food and drink)

Description

Indicates if we can potentially lend on a property where it borders Class A3 commercial premises. Class A3 businesses are for food and drink.

Policy

Ipswich Building Society will not lend on properties that border class A3 commercial premises.
Property factors: Next to commercial (Class A4 – drinking establishments)

Description

Indicates if we can potentially lend on a property where it borders Class A4 commercial premises. Class A4 businesses are drinking establishments.

Policy

Ipswich Building Society will not lend on properties that border class A4 commercial premises.
Property with Restrictive Covenant Section 106

Description

Indicates if we can potentially accept Buy to Let applications on properties that are subject to a Section 106 restrictive covenant.

Policy

Applications would be dependent on wording of Section 106 and LTV - please refer prior to submitting the case

Outside

Applications would be dependent on wording of Section 106 and LTV - please refer prior to submitting the case.
Property with acreage

Description

Indicates if we can potentially accept properties that have a significant amount of land (properties that have acreage).

Policy

We are able to accept properties that have 10 acres of land
Property with deck access

Description

Indicates if we can potentially accept properties that have deck access.

Policy

We are unable to lend on properties with a deck access
Property with more than one kitchen

Description

Indicates if we can potentially accept an application where the security property has more than one kitchen. This is not the same as a property split into two or more units or a House of Multiple Occupation (HMO).

Policy

Ipswich Building Society does not lend on properties that have more than one kitchen
Purchase and rent back to the builders as a show home

Description

Indicates if we can potentially consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home

Policy

Ipswich Building Society will not consider a Buy to Let application where the applicant will purchase a new build property and rent back to the builders as a show home
Purchase applications where existing tenants will remain in the property

Description

Indicates if we can potentially accept situations where the property being purchased on a Buy to Let basis has an existing tenant who wishes to remain in the property and therefore vacant possession on completion would not exist.

Policy

Ipswich Building Society does not accept situations on purchase applications where there is a tenant in situ at the property where it is the intention to allow them to remain as the ongoing tenant.
Purchase from Individual Name to Limited Company (Related Transaction)

Description

Indicates if we can potentially accept an application where a Limited Company wishes to purchase a property from one of its directors or shareholders. This is typically referred to as a 'Related Transaction'.

Policy

Ipswich Building Society does not accept Ltd Company Buy to Let applications
Purchase from Limited Company to Individual Name (Related Transaction)

Description

Indicates if we can potentially accept an application where the purchaser is looking to purchase a property from a limited company for which he/she is a shareholder.

Policy

Ipswich Building Society does accept these types of transaction where the individual is looking to purchase a property from a Ltd Company that they are a director or shareholder of.
Regulated Buy to Let (Let to Family Member)

Description

Indicates if we can potentially consider Buy to Let applications where the intention is to Let the property to a family member.

Policy

Ipswich Building Society can potentially accept 'Regulated Buy to Let' applications. With Regulated BTL's we would assess the applicant on affordability rather then rental calculation.
Remortgage Purpose: 100% Staircase Shared Ownership to Let to Buy

Description

Indicates if we will allow capital raising on an applicant's current shared ownership residential property for the purpose of staircasing to 100% and take their ownership to 100% and then Letting the property.

Policy

Ipswich Building Society will not consider remortgage applications with capital raising to staircase their Shared Ownership property and then Let the property on a Buy to Let basis with us.
Remortgage Purpose: Business Purposes

Description

Indicates if we can potentially consider a Buy to Let application when the reason for capital raising is considered for 'Business Related Purposes'.

Policy

Ipswich Building Society will not consider remortgage applications with capital raising for business purposes.
Remortgage Purpose: Home Improvements (other property)

Description

Indicates if we will allow capital raising for the purpose of home improvements on a property which is NOT the security property on Buy to Let applications.

Policy

Ipswich Building Society can consider remortgage applications with capital raising for home improvements on another property owned by the applicant.
Remortgage Purpose: Purchase Commercial Property

Description

Indicates if we will allow capital raising for the purpose of purchasing commercial property on Buy to Let applications.

Policy

Ipswich Building Society will not consider remortgage applications with capital raising to purchase a commercial property.
Remortgage Purpose: Purchase Overseas Property

Description

Indicates if we will allow capital raising for the purpose of purchasing overseas property on Buy to Let applications.

Policy

Ipswich Building Society can consider remortgage applications with capital raising to purchase a property overseas.
Remortgage Purpose: Repay Help to Buy and Let the Property

Description

Indicates if we will allow capital raising on an applicant's current residential property that has a Help to Buy Equity Loan present for the purpose of repaying (IN FULL) their Help to Buy Equity Loan, take their ownership to 100% and then Let the property.

Policy

Ipswich Building Society can consider remortgage applications with capital raising to repay their Help to Buy equity loan and then Let the property on a Buy to Let basis with us.
Remortgage purpose: Buy to Let Purchase (maximum LTV)

Description

Indicates the maximum loan to value (LTV) we will accept when the reason for capital raising is to raise funds to fund or part fund a buy to let purchase.

Policy

The maximum LTV we will accept when the reason for capital raising is to raise funds to fund or part fund a buy to let purchase is 80%. This would be subject to individual underwrite.
Remortgage purpose: Capital raise for BTL where property not yet found

Description

Indicates if we can potentially consider remortgage applications with capital raising for a BTL property where the property has not yet been found. Essentially they want to put themselves in the position of a cash buyer with the funds accessible ready for when they find their property.

Policy

Ipswich Building Society will not consider remortgage applications with capital raising for a BTL property where a property is not yet found
Remortgage purpose: Debt Consolidation (maximum LTV)

Description

Indicates the maximum loan to value (LTV) we will accept where there is an element of debt consolidation on a remortgage application.

Policy

We are not able to accept a BTL remortgage application where there is an element of debt consolidation.
Remortgage purpose: Extending a lease

Description

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease

Policy

Ipswich Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is extending a lease
Remortgage purpose: HMO conversion back to standard residence

Description

Indicates if we can potentially consider a remortgage application where an existing HMO will be converted back to a standard residence

Policy

Ipswich Building Society will not consider a remortgage application where an existing HMO property will be converted to a buy to let property.

Outside

This can only be considered on a self build basis with the client using the property as their residential home.
Remortgage purpose: Home Improvements (maximum LTV)

Description

Indicates if we are able to and if so to what loan to value, accept remortgages where the purpose is to raise money for property improvements.

Policy

We are able to accept remortgages where the purpose is to raise money for home improvements up to 75% LTV
Remortgage purpose: Land Purchase (maximum LTV)

Description

Indicates if we will allow capital raising for the purpose to purchase land and if so up to what loan to value for Buy to Let applications.

Policy

Ipswich Building Society will not consider remortgage applications with capital raising for 'Land Purchase' on BTL applications.
Remortgage purpose: Lifestyle (holidays, car's, non essential spending etc)

Description

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)

Policy

Ipswich Building Society will not consider capital raising on a remortgage where the purpose of the funds is lifestyle (holidays, car's, non essential spending etc)
Remortgage purpose: Medical expenses

Description

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses

Policy

Ipswich Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is medical expenses

Warning

Subject to an underwriters approval
Remortgage purpose: Personal investments (not property related)

Description

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is personal investments

Policy

Ipswich Building Society will not consider capital raising on a remortgage where the purpose of the funds is personal investments
Remortgage purpose: School/Education fees

Description

Indicates if we can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Policy

Ipswich Building Society can potentially consider capital raising on a remortgage where the purpose of the funds is education or school fees

Warning

Subject to underwriters approval.
Remortgage waiting period

Description

Indicates the number of months we state a person must have owned a property before it can be considered for a remortgage application. 

Policy

The property must have owned the property for 6 months before it can be considered for a remortgage application.
Repayment (Capital & Interest)

Description

Indicates if we accept mortgages on a Repayment basis (Capital & Interest) for Buy to Let applications.

Policy

Ipswich Building Society can potentially offer Buy to Let mortgages on a 'Repayment (Capital & Interest)' basis.
Restricted Sale Price

Description

Indicates if we can potentially offer a Buy to Let mortgage on a property that has a 'Restricted Sale Price' clause.

Policy

Ipswich Building Society will not consider applications on properties that have a restricted sale price clause.
Retrospective New Build Warranty

Description

Indicates if we can potentially lend on properties that have been issued with a retrospective new build warranty. These warranties were specifically not in place during the build phase but taken out at a later date following completion.

Policy

Ipswich Building Society will not consider retrospective new build warranties.
Returning to UK - Employed

Description

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into paid employment. Critically, indicates if a lender will accept an employed applicant (with no current minimum length of time in UK employment) who is returning from a non UK address to the UK.

Policy

Ipswich Building Society can potentially consider applications from applicants who are returning to the UK and going straight into employment with the same company.

Warning

Please contact the sales team to discuss further as these are taken on a case by case basis
We normally require applicants to be back in the UK for 6 months if the employed is with a different company.
If the client has recently returned and has not got employed in place then we cannot consider these cases. 
Returning to UK - Self-Employed

Description

Indicates if we can potentially accept Buy to Let applications from an applicant who is returning to the UK and going straight into Self-Employment. Critically, indicates if a lender will accept a Self-Employed applicant who is returning from a non UK address to the UK and would essentially have zero UK trading history.

Policy

Ipswich Building Society will not accept applications from applicants who are returning to the UK and going straight into self-employment.
Sale and Rent Back

Description

Indicates if we can potentially accept a sale and rent back transaction where the vendor sells the property (usually at a discount), remains in the property and pays a rent to the new owner.

Policy

Ipswich Building Society does not accept 'Sale and Rent Back' transactions.
Self employed: Self employment income support scheme (SEISS)

Description

Indicates if we can potentially accept self employed applicants who have a used the government self employment income support scheme (SEISS)

Policy

Ipswich Building Society is able to consider self employed applicants who have used the government self employment income support scheme (SEISS) as long as none were taken in 2021.
Self-Employed: Bounce Back Loan Scheme (BBLS) outstanding

Description

Indicates if we are able to potentially accept self-employed applicants who have a government Bounce Back Loan Scheme outstanding.

Policy

These include:
  • Coronavirus small business grant fund
  • Local Authority discretionary grant fund
  • Business Interruption Loan Scheme
  • Bounce Back Loan
  • Retail, Hospitality, Leisure Grant Fund (RHLGF)
If the applicant has taken any of the business interruption grants due to being impacted by COVID-19, Ipswich Building Society are potentially able to assist if none of the loans was taken in 2021 & client can evidence that it has not been spent (money remains in their account).
Sharia Compliant Mortgages

Description

Indicates if we can offer Sharia compliant Buy to Let mortgages.

Policy

Ipswich Building Society does not offer Sharia compliant mortgages.
Simultaneous First and Second Charge

Description

Indicates if we can potentially accept a Buy to Let application where there will be a simultaneous completion of a second charge.

Policy

Ipswich Building Society will not consider applications where there will be a simultaneous completion of a second charge.
Soft Footprint on Credit Search?

Description

Indicates if we will leave a 'soft footprint' when performing a credit search (as opposed to leaving a full/hard footprint on the credit file).

Policy

Our credit search leaves a hard footprint
Solar Panels

Description

Indicates if we can potentially accept properties that have had solar panels installed.

Policy

Solar Panels must be owned and not leased

Warning

Solar Panels must be owned and not leased
Sole application joint proprietor

Description

Indicates if we can potentially consider applications on a sole application joint proprietor basis. This is where a property will be jointly owned but only one person will be named on the mortgage and is distinctly different to the more common Joint Application Sole Proprietor where only one party would own the property but there are two named on the mortgage.

Policy

Ipswich Building Society will not consider applications on a sole application joint proprietor basis
Source of deposit: Builders Deposit

Description

Indicates if we accept builder gifted deposits as an acceptable source of deposit for new build properties

Policy

In some circumstances vendors may pay the deposit for the applicant, maximum 5%. These cases are acceptable where it is a developer paying the deposit as part of its marketing activity and where the valuer confirms the full valuation of the property. For a small independent builder we will require written confirmation from the builder that paying the deposit is part of its marketing activity. The applicant must also provide a 5% deposit.

Vendor deposit paid schemes are acceptable where the payment represents a maximum of 5% of the purchase price subject to the valuer confirming the full valuation of the property. The applicant must also provide a 5% deposit.

Source of deposit: Concessionary

Description

Indicates if we can accept applications that are considered a concessionary purchase

Policy

We are able to accept applications that are considered a concessionary purchase.
Source of deposit: Gift From Immediate Family

Description

Indicates if we can accept a gift from an immediate family member as an acceptable source of deposit.

Policy

We would accept gifted deposits where the monies are clearly evidenced in a UK bank/Building Society account or other investments and from a close family member – parent, grandparent, son, daughter, brother or sister.

Proof of the deposit will be required.
Source of deposit: Gifted NOT from Immediate Family

Description

Indicates if we can accept a gift as a deposit source outside of immediate family members such as a friend, employer or cousin for example.

Policy

We will not accept a gift as a deposit source from outside of immediate family members such as a friend, employer or cousin for example
Source of deposit: Mortgage on additional property

Description

Indicates if we can accept monies raised from the mortgage of an additional property as an acceptable source of deposit.

Policy

We are able to consider applications with this source of deposit, however we would not do the capital raise and the purchase, as we would then be lending 100% of the purchase.

Source of deposit: Originated outside of EEA

Description

Indicates if can potentially accept deposits that have originated outside of the European Economic Area (EEA) as an acceptable source of deposit.

Policy

We are not able to accept this source of deposit
Source of deposit: Unsecured Loan

Description

Indicates whether or not we will accept borrowers source of deposit as a loan. For example a person is looking to put down a total 25% deposit and borrow a 75% mortgage. 5% of the total deposit is a bank loan.

Policy

We will not allow an unsecured loan as a deposit
Split Mortgage Terms

Description

Indicates if we can potentially consider an application with a split term. For example, an applicant wishes to take one part of their mortgage over 25 years and another part over 10 years.

Policy

Ipswich Building Society does not offer mortgages with split term durations
Student Let Valuation

Description

Indicates if we can potentially use the student Let rental valuation as opposed to the open market valuation to a typical tenant (family, couples, etc)

Policy

Ipswich Building Society will not use the student Let rental valuation for affordability as opposed to the open market rental valuation.
Telecommunications Adverse Ignored

Description

Indicates if we can potentially ignore telecommunications adverse credit on Buy to Let applications.

Policy

Ipswich Building Society can potentially ignore telecommunications adverse but this is dependant on the amount this was for, when it occured and the LTV so please contact us to discuss.
Tenants: Asylum Seekers

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property to an Asylum Seeker.

Policy

Ipswich Building Society will not consider applications where the property will be let to an Asylum seeker
Tenants: Corporate Lets/Company Lets

Description

Indicates if we an potentially consider applications from borrowers that wish to Let the property on a Corporate Let or Company Let

Policy

Ipswich Building Society do not accept properties that are to be Let on a Corporate/Company Let basis.
Tenants: DSS/Housing Benefit

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property to DSS/Housing Benefit tenants

Policy

Ipswich Building Society does accept DSS/Housing benefit tenants.
Tenants: Holiday Lets

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property on a Holiday Let basis.

Policy

Ipswich Building Society can potentially consider 'Holiday Lets' on a Buy to Let basis.

Lending up to 80% LTV

Warning

  • First-time landlords considered - applicants must own their own home
  • For new landlords, a minimum age limit of 30 years applies. For existing holiday let or BTL landlords the minimum age is 21 years
  • Up to 60 days of personal use per year allowed
  • Loan amount calculated using an average of the high, mid and low season weekly rental figures
  • Minimum property value £100,000 and minimum loan £75,000
  • Airbnb and daily rentals not accepted

Tenants: Housing Association Lets

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property to Housing Association tenants.

Policy

Ipswich Building Society does not accept Housing Association tenants.
Tenants: Letting whole property via AirBnB

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the entire property via services such as AirBnB and similar.

Policy

Ipswich Building Society does not allow borrowers to Let properties on a Buy to Let basis via AirBnB or similar
Tenants: Multiple Tenancies

Description

Indicates if we can potentially consider applications from borrowers that wish to have multiple tenancies on a Buy to Let property.

Policy

Ipswich Building Society will not consider a Buy to Let application with multiple tenancies
Tenants: Protected Tenancies

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property to a tenant who is benefiting from a protected tenancy.

Policy

Ipswich Building Society will not consider applications where the tenant enjoys a 'Protected Tenancy'.
Tenants: Serviced Properties

Description

Indicates if we can potentially accept Buy to Let applications on properties that are considered 'Serviced Properties'. These are typically furnished properties that are Let on a short term basis and the rent covers all amenities including the rent.

Policy

Ipswich Building Society will not consider applications where the property will be Let as a 'Serviced Property'.
Tenants: Student Lets?

Description

Indicates if we can potentially consider applications from borrowers that wish to Let the property to students

Policy

Ipswich Building Society does not allow applicants to Let their Buy to Let property to Students.
Tenants: Third Party/Company (where the third party/company is Sub-Letting the property)

Description

Indicates if we can potentially consider Buy to Let applications where the tenant will be (or is) a third party who pays a rent to the applicant and acts as the primary tenant but Sub-Lets the property. This is sometimes referred to as 'Rent to Rent'.

Policy

Ipswich Building Society will not consider applications where the property will be Let to a third party who will in turn Sublet the property.
Transitional Arrangements Offered

Description

Indicates if we can potentially offer Buy to Let mortgages on a transitional arrangement as defined by the FCA under MCOB 11.8

Policy

Ipswich Building Society can potentially offer Buy to Let mortgages on a transitional arrangement basis.
Unadopted Roads

Description

Indicates if we can potentially consider a property with unadopted roads

Policy

Ipswich Building Society can potentially consider a property with unadopted roads.

Warning

There must be full access and maintenance agreement in place.

Unauthorized Overdraft Charges

Description

Indicates if we are able to potentially accept Buy to Let applications from applicants who have recently been charged for an unauthorised overdraft (either by exceeding their overdraft limit or by simply going overdrawn if they do not have an agreed overdraft limit). These unauthorised overdraft charges will likely appear on the clients recent bank statements.

Policy

Ipswich Building Society does not accept applicants that have recently had unauthorized overdraft charges
Undervalue transactions

Description

Indicates if we can potentially accept applications where the transaction constitutes an undervalue transaction.

Policy

We are able to accept applications where the transaction constitutes an undervalue transaction. We will base this on the lower of purchase price or valuation
Unemployed Applicants

Description

Indicates if we can potentially consider Buy to Let applications for unemployed applicants.

Policy

Ipswich Building Society will not consider Buy to Let applications for unemployed applicants
Visas: Family Visa (Spousal etc)

Description

Indicates if we can potentially consider applicants who hold a Family Visa. Types of Family Visas are spouse or partner, fiancé, fiancée or proposed civil partner, child, parent or relative who’ll provide long-term care for you.

Policy

Ipswich Building Society will not consider applicants that hold a family visa.
Visas: Minimum number months remaining on visa

Description

Indicates if we can consider an applicant on a visa and if so what is the minimum requirement (in MONTHS) that the applicant must have remaining on BTL applications

Policy

Ipswich Building Society will not consider an applicant on a visa
Visas: Working Visa (Tier 1 - Investors, entrepreneurs and talent visas)

Description

Indicates if we can potentially accept a buy to let application from an applicant that holds a Working Tier 1 Visa. These visas can be issued to Entrepreneurs, Exceptional Talents, Graduate Entrepreneurs, and Investors.

Policy

Ipswich Building Society will not consider applicants that hold a 'Tier 1' working visa.
Visas: Working Visa (Tier 2 - Long-term work visas)

Description

Indicates if we can potentially accept a buy to let application from an applicant that holds a Working Tier 2 Visa. These visas can be issued to General workers who've been offered a skilled position in the UK, Intra-company Transfers, Ministers of Religion and Sportspersons.

Policy

Ipswich Building Society will not consider applicants that hold a 'Tier 2' working visa.

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