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Residential Criteria

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Address History (Min UK address history needed)

Description

This is the required number of months we specify an applicant 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 residential 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. Documents must be certified by another member of staff who is not the advisor.
Affordability Assessment: Additional Voluntary Pension Contributions

Description

Indicates if we can potentially ignore additional voluntary pension contributions when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society can ignore 'Additional Voluntary Pension Contributions' when assessing borrowers affordability.
Affordability Assessment: Charitable Donations

Description

Indicates if we can potentially ignore charitable donations when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will ignore 'Charitable Donations' when assessing borrowers affordability.
Affordability Assessment: Child Care Vouchers

Description

Indicates if we can potentially ignore childcare vouchers when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will include 'Child Care Vouchers' when assessing borrowers affordability.
Affordability Assessment: Company Pension

Description

Indicates if we can potentially ignore company pension contributions when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society can ignore 'Company Pension Contributions' when assessing borrowers affordability.
Affordability Assessment: Maintenance Payments

Description

Indicates if we can potentially ignore maintenance payments when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will include 'Maintenance Payments' when assessing borrowers affordability.
Affordability Assessment: Private Healthcare

Description

Indicates if we can potentially ignore private health care premiums when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will include 'Private Healthcare Payments' when assessing borrowers affordability.
Affordability Assessment: School Fees

Description

Indicates if we can potentially ignore school fees when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will include 'School Fees' when assessing borrowers affordability.
Affordability Assessment: Season Ticket Loans

Description

Indicates if we can potentially ignore season ticket loans when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will include 'Season Ticket Loans' when assessing borrowers affordability.
Affordability Assessment: Sharesave Schemes

Description

Indicates if we can potentially ignore share save schemes when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will ignore 'Sharesave Schemes' when assessing borrowers affordability.
Affordability Assessment: Student Loans

Description

Indicates if we can potentially ignore student loans when assessing applicants expenditure for affordability purposes.

Policy

Ipswich Building Society will include 'Student Loans' when assessing borrowers affordability.
Age Limits: Interest Only Maximum Age at end of term

Description

Indicates the maximum age at the end of the mortgage term we could consider for an interest only application on residential applications

Policy

Ipswich Building Society allows Interest Only mortgages.
Where any element of a residential mortgage is interest only (i.e. full interest only or part interest only and part capital and interest) then the mortgage term must end before the oldest applicant's 95th birthday.
Age Limits: Maximum Age AT POINT OF APPLICATION

Description

Indicates the maximum age (at the point of application) an applicant can be in order for them to be considered for an application with us.

Policy

The Society does not have a maximum age at application.


Warning

Applicants 75 or over on application will need to seek Independent Legal Advice 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.
Age Limits: Maximum Age at End of Mortgage Term

Description

Indicates the absolute maximum age we might lend to. In summary 'Age Limits: Maximum Age at End of Mortgage Term' indicates the age we can potentially lend up until if you meet all required criteria.

Policy

The Society does not have a maximum age for applications on a capital and interest basis, but we do have a cap of 95 years old for interest only applications.
The mortgage term on any application where there's an element of interest only must finish before the oldest applicant's 95th birthday.
Age Limits: Maximum Age at End of Term for a Non Contributory Applicant

Description

Specifies the maximum age we can potentially accept for a non-contributing applicant. A non-contributing applicant is an applicant whose income is not factored into the affordability of the mortgage. 

Policy

Where any element of a residential mortgage is interest only (i.e. full interest only or part interest only and part capital and interest) then the mortgage term must end before the oldest applicant's 95th birthday.
There is no maximum age for mortgages on a capital and interest basis.

Age Limits: Maximum Age at Term End Without Pension Proof ( max retirement age )

Description

Specifies the maximum age we might be able to accept before proof of acceptable pension income would be required. This figure can vary from applicant to applicant as it often depends upon other factors such as an applicant's planned retirement age. Therefore the value shown is the maximum age we may be able to lend to before pension proof would be required and assumes applicants planned retirement age is not sooner than our stated maximum.

Policy

We are able to take employed income to the age of 70 and self-employed non-manual income to the age of 75 without requiring pension income.

Age Limits: Minimum Age at Application

Description

Specifies our minimum age at point of application requirement for residential mortgages. 

Policy

Applicants must be over 18 at start of the mortgage
Age Limits: Retirement Interest Only (RIO) MAXIMUM Age at Application

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a MAXIMUM AGE AT APPLICATION requirement.

Policy

Ipswich Building Society do not impose a maximum age for an applicant ON APPLICATION for Retirement Interest Only (RIO) mortgages.

Warning

Currently restricted to selected intermediaries.
Age Limits: Retirement Interest Only (RIO) Maximum Age at Term End

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a maximum age at the end of the term requirement. Mortgage lenders are not required to set a fixed term for the mortgage and so the repayment date can be when the borrower dies or goes into care, as with Lifetime Mortgages. 

Policy

Ipswich Building Society does not have a maximum age for Retirement Interest Only mortgages.

Warning

Currently restricted to selected intermediaries.
Age Limits: Retirement Interest Only (RIO) Minimum Age at Application

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so, do we have a minimum age requirement.

Policy

Ipswich Building Society does offer Retirement Interest Only (RIO) mortgages.

Warning

Currently restricted to selected intermediaries.
Applicants on Furlough

Description

Indicates if we are potentially able to accept an applicant who is currently on furlough leave.

Policy

We are no longer accepting applicants who are on Furlough.
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.
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 product loan to value limits will be exceeded.
Arrangement to Pay

Description

Indicates if we can potentially accept applicants that have an arrangement to pay registered on their credit file on residential 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 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 can potentially accept applications from applicants that have a history of unsecured loan arrears.

Policy

No missed payments in the last 12 months
Assessment of Additional Residential Mortgages: Monthly Payment or Outstanding Balance

Description

Indicates if we will use the monthly payment of any background other residential mortgages when assessing affordability or the outstanding balance. For example, Applicant 'A' is applying for a new mortgage with Lender 'A'. Applicant 'A' has a second property in the background that is used as a second home with an outstanding mortgage of £50,000 and a monthly payment of £300 per month. When assessing Applicant 'A's' income Lender 'A' take the monthly payment of the background mortgage as a monthly commitment as opposed to deducting the outstanding balance (£50,000) from the total amount they have calculated Applicant 'A' could borrow based on his income.

Policy

Ipswich Building Society will use the monthly payment of any additional residential mortgages when assessing affordability as opposed the outstanding balance.

Warning

We will also be checking overall indebtedness. Typically, we will not go over 10x income which includes the mortgage with ourselves and all other mortgages and commitments in their names.
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 wishes to mortgage the property.

Policy

Ipswich Building Society can accept remortgage application to clear 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 we can accept applications where the customer has funded the purchase from their own funds and now wish to mortgage the property.

Policy

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

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 - Inherited) 
indicates if we will accept applications where the customer has inherited a property and now wish to mortgage it on a residential basis.

Policy

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

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.

In the case of Back to back (Remortgage - Other) it indicates if we are able to potentially accept remortgage applications where the current owner has owned the property for less than 6 months and is now looking to remortgage for a reason other than due to the property being inherited, remortgaging having recently ported, to repay bridging finance or to mortgage having originally purchase the property for cash.

Policy

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

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 - Ported) 
indicates if we will accept applications where the customer has recently moved and ported their mortgage, their product has come to an end shortly after and they now wish to remortgage. For example, Jeff moved into his new property last month and ported his existing mortgage across so as to avoid an early repayment charge on his then-current mortgage. The current product, however, expires about a month after his move in date and so he would like to remortgage to a new lender in order to obtain a new product even though he has only been in the property for one month.

Policy

We are not able to accept this type of application
Back to back (Sub Sale Purchase - Other)

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.

In the case of Back to back (Purchase - Other) it indicates if we are able to potentially accept applications for purchases where the current owner has owned the property for less than 6 months and is now wishing to sell for a reason other than due to a previous part exchange or a lender repossession.

Policy

We are not able to accept this type of application
Back to back (Sub Sale Purchase - Part Exchange)

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.

In the case of Back to back (Purchase - Part Exchange), it indicates if we are able to potentially accept applications for purchases where the current owner took the property as a part exchange on a previous sale. An example would be where a builder sold a property to someone and took their property as a part exchange and now wishes to sell that property and the part exchange falls within the last 6 months.

Policy

We are not able to accept this type of application
Back to back (Sub Sale Purchase - Repossessed)

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.

In the case of Back to back (Purchase - Repossessed), it indicates if we are able to potentially accept applications for purchases where the current owner is a lender that has repossessed the property being sold from the previous owner in the past 6 months. 

Policy

We are not able to accept this type of application
Benefit Income: Adoption Allowance

Description

Displays if we will accept Adoption Allowance as an acceptable source of income for affordability purposes.

Policy

We are unable to accept this form of income
Benefit Income: Attendance Allowance

Description

Displays if we will accept Attendance Allowance as an acceptable source of income for affordability purposes.

Policy

We do not accept attendance allowance
Benefit Income: Carers Allowance

Description

Displays if we will accept Carers Allowance as an acceptable source of income for affordability purposes.

Policy

We are not able to accept income from carers allowance
Benefit Income: Child Benefit

Description

Displays if we will accept Child Benefit as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of child benefit as long as there is at least 5 years left to run
Benefit Income: Child Tax Credits

Description

Indicates if we accept child tax credits as an allowable income type for affordability purposes. 

Policy

We can accept 100% of CTC as long as there is at least 5 years left to run
Benefit Income: Constant Attendance Allowance

Description

Displays if we will accept Constant Attendance Allowance as an acceptable source of income for affordability purposes.

Policy

We will not accept this form of income
Benefit Income: Disability Living Allowance (DLA)

Description

Displays if we will accept Disability Living Allowance as an acceptable source of income for affordability purposes.

Policy

We will accept 50% of DLA

Warning

We cannot accept DLA for children or dependents, only acceptable at 50% for the applicant(s) directly.
Benefit Income: Employment and Support Allowance

Description

Displays if we will accept Employment and Support Allowance as an acceptable source of income for affordability purposes.

Policy

We are not able to accept ESA
Benefit Income: Guardian Allowance

Description

Displays if we will accept Guardian Allowance as an acceptable source of income for affordability purposes.

Policy

We are unable to accept guardian allowance as income
Benefit Income: Industrial Injuries Disablement Benefit

Description

Displays if we will accept Industrial Injuries Disablement Benefit as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of IIDB
Benefit Income: Personal Independence Payment (PIP)

Description

Displays if we will accept Personal Independence Payment as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of PIP
Benefit Income: Universal Credit

Description

Displays if we will accept Universal Credit as an acceptable source of income for affordability purposes.

Policy

Ipswich Building Society can potentially accept universal credit as an acceptable income type.

Warning

We would accept a maximum of 50% of this income when assessing affordability.
Benefit Income: Working Tax Credits

Description

Indicates if we accept working tax credits as an allowable income type for affordability purposes. 

Policy

We will accept 100% of WTC as long as there is at least 5 years left to run
Buy for University (Student Mortgages)

Description

Indicates if we can potentially consider applications on a Buy for University Scheme. Buy for uni allows students to borrow up to 100% to buy a property and rent out rooms to meet the mortgage interest payments. Parents support the arrangement by being a joint borrower on the mortgage and by providing additional security if necessary

Policy

Ipswich Building Society will not consider applications on a Buy for Uni Scheme
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. 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. 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. 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. 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. 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 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.
Concessionary purchase (Family)

Description

Indicates if we accept concessionary purchase applications where the current owner is related to one of the applicants. For example, Mr Smith has agreed to sell a property he owns to his grandson (Joe) for £150,000. The property is worth £200,000. Joe wishes to purchase the property for £150,000 and would like a lender who will use the difference between the property value and the purchase price as a deposit (£50,000).


Policy

This would be treated as transaction at under value (based on lower of purchase price or valuation)

Concessionary purchase (Landlord)

Description

Indicates if we accept concessionary purchase applications where the current owner is the landlord of the property and the applicant(s) are the tenants. For example, Mr Landlord has agreed to sell the property he Lets to his tenants (Tom and Sally) for £150,000. The property is worth £200,000. Tom and Sally wish to purchase the property for £150,000 and would like a lender who will use the difference between the property value and the purchase price as a deposit (£50,000).

Policy

This would be treated as transaction at under value (based on lower of purchase price or valuation)
Concessionary purchase Where Giftor Will Remain

Description

Indicates if we accept concessionary purchase applications where the current owner is providing a gift of equity AND WILL REMAIN IN THE PROPERTY. For example, Mr Lane has agreed to sell a property he owns to his son (Tony) for £150,000. The property is worth £200,000. Tony wishes to purchase the property for £150,000 and would like a lender who will use the difference between the property value and the purchase price as a deposit (£50,000) and is happy for Mr Lane senior to remain in the property.

Policy

Ipswich Building Society does not accept the situation where it is a concessionary purchase where the giftor will remain an occupant of the property.
Consent to Let a Room (via AirBnB or similar)

Description

Indicates if we allow borrowers to Let a room via services such as AirBnB or similar. FOR CLARIFICATION this is for the situation whereby the borrower resides in the security property and Lets a room in that property.

Policy

Ipswich Building Society does not allow borrowers to Let a room in their main residence via AirBnB or similar
Consent to Let, Tied Accommodation

Description

Indicates if we can potentially allow applicants that are in tied accommodation to take a residential product and give the applicant permission to Let the property whilst they remain in the tied accommodation. For example an applicant who is moving into or currently in tied accommodation linked to their employment (e.g. boarding school teacher, vicar/minster, estate worker, army barracks etc) and will remain in this situation until their job ceases at some point in the future. They'd like to purchase a property that they intend to live in at a later date but would like to Let the property whilst they remain in tied accommodation.

Policy

We are only able to accept this for Armed Forces

Outside

We are only able to accept this for Armed Forces
Contract Reassignment

Description

Indicates if we are potentially able to accept the situation whereby the purchaser is looking to buy a new build property from a third party (not the builder/developer) who has yet to complete on the transaction. 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
Contractor Income: Agency work

Description

Displays if we will accept Agency work as an acceptable source of income for affordability purposes.

Policy

We are unable to accept this form of income
Contractor Income: CIS Contractor

Description

Displays if we will accept CIS Contractor as an acceptable source of income for affordability purposes.

Policy

We are able to accept CIS Contractors - we will assess income using applicants SA302/accounts.
Contractor Income: Fixed Term Contract

Description

Displays if we will accept Fixed Term Contract as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of this income.
Must have a history of contract employment (over 2 years) and at least 3 months left to run. If less than 2 years to run, the contract must have at least 12 months remaining.

Contractor Income: IT Consultant

Description

Displays if we will accept IT Contractor as an acceptable source of income for affordability purposes.

Policy

We can accept IT Consultants.
Contractor Income: Nursing Bank

Description

Displays if we will accept Nursing Bank as an acceptable source of income for affordability purposes.

Policy

We can accept 100% but must not the applicants primary source of income
Contractor Income: Piecework Contract

Description

Displays if we will accept Piecework Contract as an acceptable source of income for affordability purposes.

Policy

We are not able to accept income from a Piecework contract
Contractor Income: Probationary contract

Description

Specifies if we accept someone's income who is on a 'probationary contract'. A probationary contract is not the same as a probationary period. If your client is simply in a probationary period then you should check that specific criteria.

Policy

We will not accept someones income who is on a 'probationary contract'.
Contractor Income: Seasonal Contract

Description

Displays if we will accept Seasonal Contract as an acceptable source of income for affordability purposes.

Policy

We are not able to accept this form of income
Contractor Income: Short Term Renewable Contract

Description

Displays if we will accept Short Term Renewable Contract as an acceptable source of income for affordability purposes.

Policy

We are not able to accept a short term renewable contract unless this fits our specialist contractor product

Outside

We are not able to accept a short term renewable contract unless this fits our specialist contractor product
Contractor Income: Sub contractor

Description

Displays if we will accept Sub contractor as an acceptable source of income for affordability purposes.

Policy

We can accept100% of a sub contractor income - This is assessed using our self employed criteria.
However, we cannot accept if paid via CIS scheme
Contractor Income: Temporary Contract

Description

Displays if we will accept Temporary Contract as an acceptable source of income for affordability purposes.

Policy

We are unable to accept income from a temporary contract
Contractor Income: Umbrella Company

Description

Indicates if we can consider contractor income where the income paid to the applicant is paid via an umbrella company.

Policy

Ipswich Building Society will not consider contractor income that is paid via an umbrella company.
Contractor Income: Zero Hours Contract

Description

Displays if we will accept Zero Hours Contract as an acceptable source of income for affordability purposes.

Policy

We are currently not accepting zero our contracts.
County Court Judgements (CCJs) (Satisfied) potentially accepted

Description

Indicates if we can potentially accept 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 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 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 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.
Covid-19: Policy

Description

Displays if we have a Covid-19 policy 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 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 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.
Day 1 Remortgage (NOT inherited property)

Description

Indicates if we accept day one remortgage applications. An example of this type of situation would be where an applicant has recently purchased a property at auction for cash and then wishes to release funds by remortgaging the property straight away. 

Policy

We are not able to assist with this type of application
Day 1 Remortgage (if inherited property)

Description

Indicates if we accept remortgage applications from an applicant who has recently inherited the property. For example, James inherited a property today and wishes to remortgage it to raise some funds. 

Policy

We are not able to assist with this type of application
Debt Management Plan (Current/Unsatisfied)

Description

Indicates if we can potentially accept an 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 an 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 as long as this was satisfied 3 years ago
Debt Related: Debt being repaid fully or partially ignored

Description

Indicates if, when assessing affordability, we are able to potentially ignore debts that an applicant is intending to repay on or before completion of the new mortgage. 

Policy

We will ignore the debt if this is going to be fully repaid by/on completion
Debt Related: Expiring debt can be partially or fully ignored

Description

Indicates if, when assessing affordability, we are able to potentially ignore (in part or in full) loans that are coming to an end (typically 6 months or less to run). 

Policy

This can be fully ignored if the expiring debt is to be totally repaid on/by completion
Debt Related: Payday loan (current)

Description

Indicates if we can potentially accept an application from an applicant 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 an application from an applicant 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 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.

Warning

Please note that if your default is over £500 you will need to refer this to the team first.

Multiple default's that equate to over £1,000 may not be acceptable so please check this with the sales team.

Defaults (unsatisfied) potentially accepted

Description

Indicates if we can potentially accept 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. 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. 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

Typically, if the LTV is 75% or below, Ipswich Building Society can potentially consider applicants that have had Defaults registered more than 24 months ago and less than 36 months ago as long as it has been satisfied. If LTV is above 75% please contact us directly 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. 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. 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. 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

Please note that if your default is over £500 you will need to refer this to the team first.

Multiple default's that equate to over £1,000 may not be acceptable so please check this with the sales team.
Discharged Bankrupt (years)

Description

Indicates if we can accept discharged bankrupts and if so how long a client has to have been discharged for. For example, Mr Smith was made bankrupt 7 years ago and was discharged one year later so has been discharged for 6 years. 

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.
Discount Market Scheme

Description

Indicates if we can consider an application on the Discount Market Scheme

Policy

Ipswich Building Society is unable to accept applications on the Discount Market Scheme
EU Nationals with a ‘pre-settled status’

Description

Indicates if we can potentially consider 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 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
Employment : Zero Hours Contract Minimum Time in Position (in Months)

Description

Indicates if we can consider income from a zero hours contract and if so what is the minimum requirement (in MONTHS) that the applicant must have held the position for.

Policy

Ipswich Building Society can consider applicants on zero hours contracts subject to a minimum of 18 months in the position.
Employment Income: Additional Duty Hours

Description

Displays if we will accept Additional Duty Hours as an acceptable source of income for affordability purposes.

Policy

We will accept 50% of additional duty hours
Employment Income: Additional Responsibility Allowance

Description

Displays if we will accept Additional Responsibility Allowance as an acceptable source of income for affordability purposes.

Policy

We will accept 50% of additional responsibility allowance
Employment Income: Bonus (Annual)

Description

Indicates if we can accept annual bonus as an allowable income type for affordability purposes.

Policy

We will accept 50% on an annual bonus.

If the bonus is guaranteed and the employer can confirm this we will consider a higher percentage

Employment Income: Bonus (Half Yearly)

Description

Indicates if we can accept half-yearly bonus as an allowable income type for affordability purposes. 

Policy

We will accept 50% of a half yearly bonus.

If the bonus is guaranteed and the employer can confirm this we will consider a higher percentage.

Employment Income: Bonus (Monthly)

Description

Indicates if we can accept monthly bonus as an allowable income type for affordability purposes.

Policy

If the bonus is non-guaranteed we will accept 50% of the bonus

Outside

If the bonus is guaranteed and the employer can confirm this we will consider a higher percentage
Employment Income: Bonus (Quarterly)

Description

Indicates if we can accept quarterly bonus as an allowable income type for affordability purposes. 

Policy

If the bonus is non-guaranteed we will accept 50%

Outside

If the bonus is guaranteed and the employer can confirm this we will consider a higher percentage.

Employment Income: Car Allowance

Description

Indicates if we can accept car allowance as an allowable income type for affordability purposes. 

Policy

We will accept 100% of car allowance
Employment Income: Commission (annual)

Description

Indicates if we can accept annual commission as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of commission, the applicant must have a reasonable track record of commission earnings

Employment Income: Commission (half yearly)

Description

Indicates if we can accept half-yearly commission as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of commission, the applicant must have a reasonable track record of commission earnings
Employment Income: Commission (monthly)

Description

Indicates if we can accept monthly Commission as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of commission, the applicant must have a reasonable track record of commission earnings
Employment Income: Commission (quarterly)

Description

Indicates if we can accept quarterly commission as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of commission, the applicant must have a reasonable track record of commission earnings
Employment Income: Employers Housing Allowance

Description

Indicates if we can accept Employers Housing Allowance as an acceptable source of income for affordability purposes.

Policy

We are able to accept employers housing allowance at 100%.
We can accept Police Housing Allowance for which we will use 100%
Employment Income: Employers Mortgage Subsidy

Description

Indicates if we can accept Employers Mortgage Subsidy as an acceptable source of income for affordability purposes.

Policy

We will accept 100% of this income as long as it's a permanent feature of an employment contract

Employment Income: Employment Income from Family Business

Description

Indicates if we can accept Employment Income from Family Business as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of employment income from a family business as long as there is a suitably qualified Accountant for the business and must be able to confirm income level

Employment Income: Flight Pay

Description

Displays if we will accept Flight Pay as an acceptable source of income for affordability purposes.

Policy

Ipswich Building Society won't consider Flight Pay as an acceptable source of income for affordability purposes.
Employment Income: Foreign currency

Description

Indicates if we can accept Foreign currency as an acceptable source of income for affordability purposes.

Policy

Ipswich Building Society can potentially accept foreign currency as an income type. We convert the income into Sterling and then we take a 20% haircut.

Warning

For residential applications, applicants must be paid in one of the below currencies:

1. Euro
2. Swiss Franc
3. Norwegian Krone
4. US Dollar
5. Canadian $
6. Singapore $
7. Hong Kong $
8. UAE Dirham
9. Kuwaiti Dinar
10. Qatari Riyal

Employment Income: Large Town Allowance

Description

Indicates if we can accept Large Town Allowance as an acceptable source of income for affordability purposes.

Policy

We can accept a large town allowance as long as this is a permanent element of the applicants contract
Employment Income: London Weighting

Description

Indicates if we can accept London Weighting as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of London weighting
Employment Income: Mileage Allowance

Description

Indicates if we are able to potentially accept mileage allowance an applicant receives from his/her employer as part of the affordability assessment.

Policy

Ipswich Building Society does not accept mileage allowance as an acceptable source of income for affordability purposes.
Employment Income: Overtime (less than monthly)

Description

Indicates if we can accept overtime which is paid less frequently than monthly (for example quarterly) as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of overtime.

If the overtime is guaranteed and the employer can confirm this we will consider a higher percentage.

Employment Income: Overtime (weekly or monthly)

Description

Indicates if we can accept monthly or less overtime as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of overtime

Outside

If the overtime is guaranteed and the employer can confirm this we will consider a higher percentage.

Employment Income: Parental/Maternity leave pay (back to work salary)

Description

Indicates if we can accept the client's full salary when they return to work after Parental/Maternity leave pay.

Policy

We can accept parental/maternity leave pay as long as the employer confirms in writing the applicants return to work date & salary
Employment Income: Salary (paid cash in hand)

Description

Indicates if we can accept salary paid in cash as an allowable income type for affordability purposes. For example, Mr Jones works as a fruit picker on the local farm and is paid weekly in cash.

Policy

We are not able to accept income paid cash in hand
Employment Income: Second Job

Description

Indicates if we can accept income from a second job as an acceptable source of income for affordability purposes.

Policy

We can accept 50% of income from a second job
Employment Income: Shift Allowance

Description

Indicates if we can accept Shift Allowance as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of shift allowance

Warning

We can now accept up to 100% of this income as long as they have been receiving this for at least 18months and can evidence a P60



Employment Income: Standby / Call Out

Description

Displays if we will accept Standby / Call Out as an acceptable source of income for affordability purposes.

Policy

Ipswich Building Society can potentially consider Standby / Call Out as an acceptable source of income for affordability purposes.

Warning

We will utilise an average of the last 3 months and then use 50% of this income.
Employment Income: Supply Teacher

Description

Indicates if we can accept Supply Teacher income as an acceptable source of income for affordability purposes.

Policy

We can accept 100% but applicant must have a minimum 18 month track record.
Employment Income: Tronc Payments (Tips etc)

Description

Indicates if we can potentially consider tronc payments (Tips etc) as an allowable income type when assessing affordability on residential applications.

Policy

Ipswich Building Society can potentially accept applicants that receive tronc payments (tips etc) when assessing affordability as long as they can be evidenced on payslips. We will take an average of the last 3 months and then utilise 50% of the annual amount.
Employment: CIS Contractor Assessment

Description

Indicates how we assesses CIS contractor income which will either be on a self employed basis or based on the CIS vouchers

Policy

Ipswich Building Society will treat as self employed when assessing affordability of a CIS contractor
Employment: Contractors Minimum Experience Requirement (Months)

Description

Indicates if we have a general 'minimum contracting experience requirement' threshold for contractors that must be met in order for their income to be considered.

Policy

For cases assessed under the Contractor Policy the Society will require a minimum 12 months contract history in the same line of work. If there is less than 3 months remaining on the existing contract the Society will require a minimum 2 years contract history.
Employment: Contractors Weekly Multiplier for Income Assessment

Description

Indicates how we assess contractor income which will either be on a self-employed basis or based on the contractor's day rate indicated by a weekly multiplier. For example 'Lender A' will calculate a contractor's income based on the weekly amount * 48 where '48' indicates the weekly multiplier and 'Lender B' will treat them as self-employed and income will be assessed in line with their self-employed policy. 

Policy

Up to 80% LTV: Assessed on day rate (day rate x 5 x 46 weeks). Must have minimum 2 year contracting history and a minimum of 3 months left on current contract. Evidence of contracts will be required for this period.

Over 80% LTV:
Assessed on SA302’s/Tax Calculations or accounts (standard self employed criteria)



Employment: Employed with Voluntary Breaks

Description

Indicates if we are able to potentially accept a situation whereby someone is employed but takes an unpaid break from employment for a period greater than what would constitute a holiday. For example, John works 9 months of the year in an office job but in June, July and August each year he takes 3 months off in order to pursue other things (for example a seasonal second job or charity work). After the break, he returns to his office job.

Policy

Ipswich Building Society will not consider income from an applicant who takes unpaid prolonged breaks from employment with their existing employer
Employment: Minimum length of time employed (months)

Description

Specifies if there is a minimum number of months (if so how many) employed applicants must have been continuously employed for their income to be considered in affordability.

Policy

Employment must have been with current employer for at least six consecutive months at date of application, and the applicant must be on permanent staff.

If they have not been with their current employer for six months, they must have been continuously employed for 12 months. If not, then three years' employment history must be provided.
Employment: Minimum length of time in current job (months)

Description

Specifies if there is a minimum length of time a person must have been in their current job and if so how many months. 

Policy

If the applicant has been in their current job for less than 6 months, applicants must have a minimum of 12 months continuous employment history.

Employment: Pending new job salary accepted

Description

Indicates if we can potentially use an applicants salary for a job they have yet to start when assessing affordability.

Policy

We are able to use 100% if continuous employment. The new employment is to start within a reasonable period and is a similar line of work.
Applications above 75% LTV will need to be referred prior to submission of the case.
Employment: Pending pay rise accepted

Description

Indicates if we can potentially accept an applicants salary who are set to get a pay rise in the near future. For example, Sally is currently earning a salary of £20,000 but this will be increasing to £22,000 in a couple of months. 

Policy

We can accept a pending payrise as long as confirmed by the employer and to occur prior to completion
Employment: Probationary Period

Description

Specifies if we will allow a clients income to be considered for affordability if they are in a probationary period.

Policy

Must be completed successfully by completion of the advance if above 75% LTV
Escalating Ground Rents

Description

Indicates if we can potentially lend on residential 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 residential 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

Policy

Ipswich Building Society will not consider an application on an ex MOD property
Expat Residential Mortgage

Description

Indicates if we can potentially consider residential applications from expatriate applicants.

Policy

Ipswich Building Society can consider residential applications from expatriate applicants where the income is received in one of the following currencies Sterling, Euro, Swiss Franc, Norwegian Krone, US Dollar, Canadian Dollar, Singapore Dollar, Hong Kong Dollar, UAE Dirham, Kuwaiti Dinar, Qatari Riyal. Maximum 80% LTV.

We haircut the non-Sterling income by 20% before putting into the affordability calculator.

A non-UK national can be on the application provided the case fits policy and affordability using the UK national's income and details

Warning

We are unable to mix currencies within an application  - only one currency's income can be used within the affordability calculator.

Please note we are unable to lend to countries that are sanctions or war-torn/in conflict currently.

Our minimum loan size across all products has been temporarily changed to £100,000.


Family assist 100% mortgages

Description

Indicates if we can potentially consider Family assist 100% mortgages

Policy

Ipswich Building Society will not consider Family assist 100% mortgages
Financial Associates with Adverse

Description

Indicates if we can potentially accept residential 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 Home Fund (Shared Equity Scheme - Scotland Only)

Description

Indicates if we can accept an application on the First Home Fund shared equity scheme

Policy

Ipswich Building Society is unable to accept applications on the First Home Fund shared equity scheme
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 accept up to 90% LTV on flats and maisonettes (75% for new build)

Outside

New build flats are capped at 75% and area restricted: Suffolk, Norfolk, Essex, Cambridgeshire, Hertfordshire and London

Warning

Leasehold 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 residential 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 residential basis as he wants a residence in the UK (perhaps for his family to reside).

Policy

Ipswich Building Society can potentially lend to 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 can consider Non-UK Nationals on the below basis:
  • 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

Warning

For EU, EEA (Including Iceland, Norway and Liechtenstein) and Swiss citizens, evidence that they have successfully applied for Pre Settled will be accepted. This will be evidenced online. The applicant should be able to supply the Society with a share code and a link to the relevant web page to confirm their immigration status. For applications with pre-settled status, these will be subject to a maximum LTV of 80% and the criteria detailed above.

Irish Citizens do not need a residence document as they have the right to reside and applications from Irish Nationals should be assessed on normal underwriting terms.  

Where the applicant has been granted permanent rights to reside or Settled status (with permanent Leave to Remain) these are acceptable under our normal Underwriting Criteria - a copy of their passport confirming their permanent status or a letter from the Home Office should be retained on the mortgage file.



Foreign Nationals (with indefinite leave to remain)

Description

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

Policy

We are able to accept application from Foreign Nationals (with indefinite leave to remain)
Gambling (recurring transactions)

Description

Indicates if we can potentially consider applicants with recurrent gambling transactions on residential 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 application.

Policy

Ipswich Building Society is unable to consider a Green Mortgage application
Guarantors

Description

Indicates if we accept guarantor applications.

Policy

This is not acceptable to the Ipswich Building Society

Guarantors: Reverse (younger applicant guarantor for older applicant)

Description

Indicates if we can potentially consider a reverse guarantor application. A reverse guarantor application is where the guarantor is younger than the applicant. This typically might occur when a son or daughter wishes to help their parents.

Policy

Ipswich Building Society will not consider a reverse guarantor application
Guarantors: Where applicant significant income growth is not expected

Description

Indicates if we can potentially accept a guarantor application where the applicant is not expecting significant income growth in the future

Policy

Ipswich Building Society will only consider a guarantor application where significant income growth is expected
Help to Buy Equity Loan (2013-2021)

Description

Indicates if we can accept Help to Buy Equity Loan (2013-2021) applications.

Policy

We are not part of the help to buy scheme
Help to Buy Equity Loan (2021-2023)

Description

Indicates if we can accept Help to Buy Equity Loan (2021-2023) applications.

Policy

Ipswich Building Society does not accept 'Help to Buy Equity Loan' applications
Help to Buy Equity Loan Remortgage

Description

Indicates if we are able to potentially accept remortgage applications where a Help to Buy Equity Loan exists and will continue to exist on completion of the remortgage.

Policy

Ipswich Building Society does not accept 'Help to Buy Equity Loan' applications
Help to Buy Equity Loan Remortgage with Capital Raising

Description

Indicates if we are able to potentially consider remortgage applications with an element of capital raising where there exists a help to buy equity loan and it will continue to exist on completion of the remortgage.

Policy

Ipswich Building Society does not accept 'Help to Buy Equity Loan' applications
Help to Buy: Equity Loan Rate for Affordability

Description

Indicates if we will take the 'Equity Loan' portion as a commitment for affordability assessment and if so at what rate of interest is it calculated. 

Policy

We are not part of the Help to Buy Equity Loan scheme
Historic CIFAS Record (Years)

Description

Indicates if we can potentially accept residential applications from an applicant that is on the CIFAS register and if so, what time must have passed in order for us to potentially accept a new mortgage application from the customer.

Policy

Ipswich Building Society can accept customers that are registered on the CIFAS register.
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

We can accept New Build houses up to 90% LTV.
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
Income Multiple (Joint) Maximum

Description

Indicates the maximum income multiple that cannot be exceeded when assessing how much joint applicants are able to borrow. This is the maximum potential income multiple and should just be used as a guide as other factors may reduce this figure.

Policy

For sole and joint applications our standard income multiplier is 4.5.
If at least one applicant earns £75,000 then the multiplier is 5.5x income.
Income Multiple (single) Maximum

Description

Indicates the maximum income multiple that cannot be exceeded when assessing how much single applicants are able to borrow. This is the maximum potential income multiple and should just be used as a guide as other factors may reduce this figure.

Policy

For sole and joint applications our standard income multiplier is 4.5.
If at least one applicant earns £75,000 then the multiplier is 5.5x income.
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

We are not able to accept an application where the income is primarily made up of benefits.
Individual Voluntary Arrangements (IVA)

Description

Indicates if we can potentially consider an application from an applicant who has previously had an Individual Voluntary Arrangement (IVA) registered against them. 

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 to your client's 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.


Individual Voluntary Arrangements - IVA (Years satisfied)

Description

Indicates if we can potentially consider 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. For example, a home buyer is looking to obtain a mortgage to fund a house purchase but entered into an IVA 6 years ago which consisted of a 5-year plan to repay the agreed amount to their creditors. The plan was successfully completed without any unsatisfactory conduct so their IVA has now been satisfied for 1 year.

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). 


Policy

To be able to accept an application the IVA must have been satisfied for 3 years.
Individual Voluntary Arrangements - IVA (Years since registered)

Description

Indicates if we can potentially consider 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. For example, a home buyer is looking to obtain a mortgage to fund a house purchase but entered into an IVA 6 years ago which consisted of a 5-year plan to repay the agreed amount to their creditors. The plan was successfully completed without any unsatisfactory conduct so their IVA has now been satisfied for 1 year and was registered 6 years ago

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). 

Policy

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


Inter-family sales (no discount)

Description

Indicates if we can consider an inter-family 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
Interest Only: Minimum Equity Requirement

Description

Indicates if we can potentially accept interest-only lending and if so do we have a minimum equity requirement for interest-only lending.

Policy

Ipswich Building Society will require a minimum of £150,000 equity for interest only lending.
Interest Only: Minimum Income Requirement

Description

Indicates if we can potentially accept interest-only lending and if so do we have a minimum income requirement for interest-only lending. 

Policy

Ipswich Building Society has no minimum income requirement for interest only lending.
Interest only: Annual lump sum repayment

Description

Indicates if we can potentially accept interest-only lending and if so are we able to accept interest-only applications where the repayment vehicle is the borrowers intention to make periodic lump sum reductions from savings, bonus payments, sale of assets and the like.

Policy

We are not able to accept interest only applications where the repayment vehicle is the borrowers intention to make periodic lump sum reductions from savings, bonus payments, sale of assets and the like.
Interest only: Existing endowment or ISA

Description

Indicates if we can potentially accept interest-only lending and if so are we able to accept interest-only applications where the repayment vehicle is from the proceeds of an existing endowment or ISA.

Policy

We are able to accept Stocks & Shares ISA and Endowment as a repayment method - Maximum LTV of 70%

Interest only: Other assets

Description

Indicates if we can potentially accept interest-only lending and if so are there any other acceptable assets that we could potentially accept as an acceptable means of repaying an interest-only mortgage. This does not include the standard repayment method like sale of mortgage property, sale of other property, endowments, ISAs, pensions and the other standard methods of repayment.

Policy

We are not able to accept other assets as a repayment method
Interest only: Pension Lump Sum

Description

Indicates if we can potentially accept interest-only lending and if so are we able to accept interest-only applications where the repayment vehicle is intended to be the proceeds from a pension lump sum.

Policy

We are able accept interest only applications where the repayment vehicle is intended to be the proceeds from a pension lump sum.
The maximum LTV acceptable is 70%
Interest only: Pure

Description

Indicates if we can potentially accept interest-only lending and if so are we able to potentially accept mortgage applications on an interest-only basis where there is no repayment method (pure interest only).

Policy

We are not able to accept mortgage applications on an interest only basis where there is no repayment method (pure interest only).
Interest only: Sale of mortgaged property

Description

Indicates if we can potentially accept interest-only lending and if so is 'sale of the mortgaged property' an acceptable repayment method on residential mortgages.

Policy

Mortgaged Property - 50% LTV with minimum £150k equity

We will accept repayment on a part interest-only, part capital and interest basis. However, the interest-only element will be subject to the above Max LTV limits for the respective repayment strategy. The remaining balance would then need to be on a capital and interest basis. Max total ltv on a part & part basis is 80%.

Interest only: Sale of other mortgaged property

Description

Indicates if we can potentially accept interest-only lending and if so is the sale of another mortgaged property (Not the security property) an acceptable repayment vehicle for residential interest-only lending.

Policy

Whilst we prefer the property to be unencumbered, we are able to able to accept interest only applications where the repayment vehicle is the sale of another property they own (Not the security property or their main residence). The maximum LTV is 70%. Valuation of the property will be required - this is usually obtained from online sources but we may ask for a valuation to be carried out.

Warning

The equity in the second property must cover the loan size.
Interest only: Sale of other unencumbered property

Description

Indicates if we can potentially accept interest-only lending and if so are we able to accept interest-only applications where the repayment vehicle is the sale of another mortgage-free property (Not the security property).

Policy

We are able to accept interest only applications where the repayment vehicle is the sale of a background property (not the mortgaged property or their main residence). Maximum LTV is 70% and the equity needs to be in the background property at the outset of the mortgage.
The valuation of the background property is usually obtained from online sources though we may ask for a physical valuation.

Warning

The value of the property must cover the interest only amount.
Investment Income: Investment Income (not rent)

Description

Indicates if we can accept Investment Income (not rent) as an acceptable source of income for affordability purposes.

Policy

We can accept 75% of investment income
Investment Income: Rental Income (from mortgage free property)

Description

Indicates if we can accept Rental Income (from a mortgage-free property) as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of rental income from a mortgage free property

Warning

We can now accept 100% of the profit from land and property on the clients tax calculations. An average of the last two years figures will be used.
Investment Income: Rental Income (from mortgaged property)

Description

Indicates if we can accept Rental Income (from a mortgaged property) as an acceptable source of income for affordability purposes.

Policy

We are able to accept rental income from properties with a mortgage on.

Warning

We can now accept 100% of the profit from land and property on the clients tax calculations. An average of the last two years figures will be used.

Please note that if your applicant has a portfolio or multiple mortgages, we cannot exceed 10x your applicants income for their overall borrowing. 


Investment Income: Trust Income

Description

Indicates if we can accept Trust Income as an acceptable source of income for affordability purposes.

Policy

We cannot accept trust income
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 occupier

Description

Indicates if we will accept joint applications where one applicant will NOT reside in the property. For example, a father and son are looking to buy a property together that only the son will live in.

Policy

We are able accept joint applications where one applicant will NOT reside in the property.
Joint application sole proprietor

Description

Indicates if we will accept applications from joint borrowers where only ONE applicant will OWN the property. A good example would be a close family member who wants to help increase the borrowing capacity.

Policy

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

Description

Indicates if we can potentially consider 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'.
Leasehold Property where No Separate Management Company Exists

Description

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

Policy

Ipswich Building Society will not lend on leasehold properties where no separate management company exists.
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’ policy 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.



Lending Location: Channel Islands

Description

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

Policy

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

Description

Indicates if we can potentially consider 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 is able to 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
Let to Buy (Existing lender consent to let)

Description

Indicates if we can potentially allow a customer to Let their existing residential mortgaged property. 

Policy

We allow a customer to Let their existing residential mortgaged property
Let to Buy (Onward Purchase)

Description

Indicates if we are potentially able to arrange the new residential mortgage where the existing residential mortgaged property is going to be Let with a different lender

Policy

We are able to arrange the new residential mortgage where the existing residential mortgaged property is going to be Let with a different lender
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. For example, Jack wants to move out of his current residential mortgaged property, remortgage onto a buy to let and purchase a new residential property to live in. This criteria relates to converting the current residential onto a buy to let mortgage.

Policy

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

Description

Indicates if we can potentially accept applications where there is/will be a lodger residing in the security property.

Policy

We can accept lodgers subject to there being no Assured Tenancy Shorthold Tenancy Agreement in place, must not have own independent contained facilities and must be restricted to one lodger.

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. 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 Loan Size Retirement Interest Only (RIO)

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what our maximum loan size is for Retirement Interest Only (RIO) applications.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Maximum Loan to Value (LTV) for Interest Only mortgages

Description

Indicates if we can consider Interest Only lending on residential mortgages and if so up to what loan to value (LTV). Take care to check other factors such as:
  • Is there a minimum equity requirement?
  • Is their a minimum income requirement?
  • Is there a minimum property valuation?
  • Is the repayment vehicle acceptable to us?
  • Can any borrowing over the stated max LTV be taken on a repayment basis?

Policy

Where Interest Only is selected, details of a suitable repayment strategy must be provided.

Pension - 70% LTV
Stocks & Shares ISA - 70% LTV
Endowment - 70% LTV
Second Property - 70% LTV
Other Investments - 50% LTV
Mortgaged Property - 50% LTV with min 150k equity

Appropriate documentary evidence must be supplied to support the repayment strategy.

Inheritance and cash ISAs are not acceptable repayment strategies.

Where any element of a residential mortgage is interest only (i.e. full interest only or part interest only and part capital and interest) then the mortgage term must end before the oldest applicant's 95th birthday.

If a residential loan contains an element of interest only, the following loan to values apply:
Maximum loan to value 50% if already retired
Maximum loan to value 75% if going into retirement (up to 70% on interest only subject to a suitable repayment vehicle as above, the remainder on capital and interest)
Maximum loan to value 80% if ending before retirement (up to 70% on interest only subject to a suitable repayment vehicle as above, the remainder on capital and interest)





Outside

Interest Only is capped at 50% for fully retired applicants.
Maximum Loan to Value (LTV) for Retirement Interest Only (RIO): Purchases

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum loan to value (LTV) for Retirement Interest Only (RIO) purchase applications.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Maximum Loan to Value (LTV) for Retirement Interest Only (RIO): Remortgage Balance Swap

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum loan to value (LTV) for Retirement Interest Only (RIO) remortgage applications where there is no element of capital raising and it is a simple balance swap.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Maximum Loan to Value (LTV) for Retirement Interest Only (RIO): Remortgage with Capital Raising

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum loan to value (LTV) for Retirement Interest Only (RIO) remortgage applications where there is additional capital being raised.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Maximum Mortgage Arrears in last 24 Months

Description

Indicates if we can potentially accept residential 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 residential 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 multiple CCJ's, please contact the Sales Team directly.

Warning

Please note that if your CCJ is over £500 you will need to refer this to the team first.

Multiple CCJ's that equate to over £1,000 may not be acceptable so please check this with the sales team.

Maximum Number of CCJs (Unsatisfied)

Description

Indicates if we can consider residential applications from 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 residential 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 1 Default, please contact the Sales Team to discuss further.

Warning

Please note that if your default is over £500 you will need to refer this to the team first.

Multiple default's that equate to over £1,000 may not be acceptable so please check this with the sales team.
Maximum Number of Defaults (Unsatisfied)

Description

Indicates if we can consider residential applications from 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 mortgage can be taken over.

Policy

Our maximum term for residential mortgages is 40 years.

Outside

Interest Only mortgages now have a maximum age limit of 95.
Maximum Term (Years): Retirement Interest Only (RIO)

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what is the maximum term for Retirement Interest Only (RIO) applications. Lenders do not have to set a fixed term for the mortgage and so the repayment date can be when the borrower dies or goes into care, as with Lifetime Mortgages.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Maximum Unsecured Arrears in last 24 Months

Description

Indicates if we can potentially accept residential 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 can potentially accept applicants with unsecured arrears in the past 24 months but this is dependent on the LTV of the case and how many. This is reviewed on a case by case basis.
Maximum Value of CCJs (Satisfied)

Description

Indicates if we can potentially consider residential 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

Outside

If you have CCJ's over £500 please contact the Sales Team to discuss.

Warning

Please note that if your CCJ is over £500 you will need to refer this to the team first.

Multiple CCJ's that equate to over £1,000 may not be acceptable so please check this with the sales team.
Maximum Value of CCJs (Unsatisfied)

Description

Indicates if we can consider residential 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 residential 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 a higher value, please contact the Sales Team directly.
Maximum Value of Defaults (Unsatisfied)

Description

Indicates if we can potentially consider residential 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 example, an applicant has outstanding unsecured debts of £26,000 and a salary of £40,000. Therefore their DTI is 65%. This criteria indicates if we have a maximum and if so what it is.

Policy

We do not have maximum DTI ratio, each case is subject to the assessment of an individual underwriter
Maximum number of applicants allowed

Description

Indicates the maximum number of applicants able to go on a mortgage application.

Policy

We will accept up to 4 applicants on an application.


Maximum number of applicants income used for affordability

Description

Indicates how many applicants we can factor into the affordability calculation.

Policy

When assessing an application with more than 2 applicants, we will only use the income for the two highest earning
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 stories 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 will only consider flats with no lift access up to 5 storeys
Minimum Income Requirement

Description

Indicates if we have a minimum income requirement for residential mortgage applications and if so what it is.

Policy

Ipswich Building Society does not have a minimum income requirement.
Minimum Length of Time in Secondary Employment (in Months)

Description

Indicates if we can consider income from secondary employment and if so what is the minimum requirement (in MONTHS) that the applicant must have held the position for.

Policy

Ipswich Building Society can consider applicants secondary employment subject to a minimum of 6 months in the role.
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 Loan Size Retirement Interest Only (RIO)

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so what the minimum loan requirement for Retirement Interest Only (RIO) applications is.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
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.

Policy

Ipswich Building Society will only lend of Ex Local Authority flats if they are looking to place a Right To Buy application.
Minimum Property Value

Description

Indicates if we have a minimum property value we require for new applications.

Policy

We do not have a minimum property value
Minimum Property Value for Retirement Interest Only (RIO)

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so if we have a minimum property value requirement.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Minimum Term (Years)

Description

Indicates the minimum term a mortgage can be taken over.

Policy

The minimum term is five years
Minimum Time Owner Occupier (in Months)

Description

Indicates if we have a minimum requirement that an applicant must have been an owner occupier for (in MONTHS) in order to be considered for a residential mortgage.

Policy

Ipswich Building Society requires applicants to have been an owner occupier for at least 6 months.
Minimum period background property let before can be ignored (months)

Description

Indicates the minimum period (in months) any background properties that are Let or to be Let must have been Let for before they can potentially be discounted from a commitment point of view for affordability purposes. 

Policy

We do not have a minimum number of months but we will need a copy of the AST which is in place if the property is already let and an ARLA letter if it’s to be let.
Minimum remaining lease at application

Description

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

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. For example, Alex is looking to purchase a flat which currently has a remaining lease term of 90 years and wishes to take out a mortgage over 20 years. Therefore his remaining lease at the end of the mortgage term will be 70 years (90-20=70).

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 residential mortgage applications.

Policy

Ipswich Building Society can potentially ignore previous mortgage arrears that are older than 48 months old on a case by case basis.
Mortgage guarantee scheme (2021)

Description

Indicates if we can accept application on the Mortgage guarantee scheme (2021)

Policy

Ipswich Building Society is unable to accept applications on the Mortgage guarantee scheme (2021)
New Build Warranty: AEDIS

Description

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

Policy

Ipswich Building Society accepts Building Life Plans as an acceptable new build warranty.
New Build Warranty: Buildzone

Description

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

Policy

Ipswich Building Society accepts Checkmate (castle 10) as an acceptable new build warranty.
New Build Warranty: Global Home Warranties

Description

Indicates if Global Home Warranties is an acceptable new build warranty to 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 accepts ICW as an acceptable new build warranty
New Build Warranty: LABC

Description

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

Policy

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

Description

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

Policy

We are able to accept this type of new build warranty
New Build purchased off plan

Description

Indicates if we can potentially consider an application for a new build purchase 'Off-Plan'. Buying new build property off-plan means you agree to purchase a property before the property is built or sometimes before construction has even started.

Policy

Ipswich Building Society can potentially consider an application for a new build purchase 'off plan'

Warning

Subject to underwriters approval.
Non Simultaneous Sale and Purchase

Description

Indicates if we can potentially accept a situation (on a residential basis) whereby an applicant is not selling their related sale property on the same day as the onward purchase. For example, this situation might arise when there is a deadline on a new build purchase and the sale is not quite ready to complete resulting in a non-simultaneous sale and purchase.

Policy

We are able to accept a non simultaneous sale and purchase subject to meeting affordability requirements
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 Call Credit as our credit reference agency
Offer expiry time (New Build)

Description

Displays the number of days a NEW BUILD 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)

Offer expiry time (Standard - Remortgages)

Description

Displays the number of days a standard REMORTGAGE mortgage offer is valid for in DAYS.

Policy

Ipswich Building Society mortgage offers for standard remortgage cases are valid for a period of 3 months.
Offer expiry time (Standard)

Description

Displays the number of days a STANDARD 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 offer residential offset mortgages (subject to product availability).

Policy

Ipswich Building Society do not offer offset mortgages.
Other Income: Bursary

Description

Indicates if we can accept Bursary as an acceptable source of income for affordability purposes.

Policy

We are not able to accept this form of income
Other Income: Foster Care Income

Description

Indicates if we can accept foster care income as an allowable income type for affordability purposes. For example, Mr & Mrs Jones receive £20,000 per year in foster care income and wish to apply for a mortgage based upon this income. 

Policy

We are unable to accept foster care income
Other Income: Income protection/Permanent Health Insurance

Description

Indicates if we can potentially accept Income protection/Permanent Health Insurance as an income type.

Policy

Ipswich Building Society will not accept Income protection/Permanent Health Insurance as an income type.
Other Income: Lodger Income

Description

Displays if we will potentially accept lodger income as an acceptable source of income for affordability purposes.

Policy

We are unable to accept lodger income
Other Income: Maintenance (not through the courts)

Description

Indicates if we can accept maintenance that is by verbal agreement between the separating parties as an acceptable source of income for affordability purposes. Specifically, maintenance that is not via court order, CSA assessment or similar.

Policy

We are not able to accept maintenance income unless it is through the courts of CSA
Other Income: Maintenance (through the courts)

Description

Indicates if we can accept Maintenance (through the courts) as an acceptable source of income for affordability purposes.

Policy

We can accept maintenance through the courts
Other Income: Seafarer

Description

Indicates if we can consider Seafarer income as an allowable income type

Policy

Ipswich Building Society will consider Seafarer income as an allowable income type
Other Income: Stipend

Description

Indicates if we can accept stipend as an allowable income type for affordability purposes.

Policy

We are not able to accept this income
Overpayment facility as standard (percentage)

Description

Indicates the amount you can usually overpay (subject to product availability) without penalty.

Policy

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




Partner in a professional LLP: Affordability Assessment

Description

Indicates how a partner, in a professional Limited Liability Partnerships income, will be assessed.

Policy

Ipswich Building Society will assess partners in professional partnership LLPS the same as we assess Self-Employed applicants when assessing income.
Partner in a professional LLP: Minimum Length of Time Requirement (Months)

Description

Indicates the minimum length of time (IN MONTHS) a person must have been in the Limited Liability Partnership (LLP) for their income to be considered by us.

Policy

Ipswich Building Society has no minimum experience requirement when assessing professionals who are partners in an LLP. We can effectively consider from day 1. This would be on our specialist product only.
Pension Income: Annuity

Description

Indicates if we can accept an annuity as an acceptable source of income for affordability purposes.

Policy

We will accept 100% of annuity
Pension Income: Pension (Company)

Description

Displays if we will accept Company Pension as an acceptable source of income for affordability purposes.

Policy

Ipswich Building Society can potentially consider Company Pension as an acceptable source of income for affordability purposes.
Pension Income: Pension - War Disablement

Description

Indicates if we can accept Pension - War Disablement as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of this income
Pension Income: Pension - War Widower

Description

Indicates if we can accept Pension - War Widower as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of this income
Pension Income: Pension Credit

Description

Indicates if we can accept Pension Credit as an acceptable source of income for affordability purposes.

Policy

We will not accept income from pension credit
Pension Income: Private Pension

Description

Indicates if we can accept Private Pension as an acceptable source of income for affordability purposes.

Policy

We can accept 100% of private income
Pension Income: Self Administered Drawdown Pension

Description

Indicates if we can consider income from a self-administered drawdown pension.

Policy

Ipswich Building Society can potentially consider self administered drawdown pension income.
Pension Income: Self-invested Personal Pension (SIPPs)

Description

Indicates if we can consider income from a Self-invested Personal Pension (SIPPs)

Policy

Ipswich Building Society can potentially accept income from a Self-invested Personal Pension (SIPPs)

Warning

For affordability, we will accept 80% of the total fund value, which we then divide by the mortgage term.
Pension Income: State Pension

Description

Indicates if we can accept State Pension as an acceptable source of income for affordability purposes.

Policy

We will accept 100% of state pension income
Politically exposed persons

Description

Indicates if we can potentially accept residential 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 mortgages are usually portable as standard.

Policy

The majority of mortgages are portable as standard.
Power of Attorneys

Description

Indicates we can potentially accept residential applications from an applicant that is acting with Power of Attorney.

Policy

Ipswich Building Society can potentially consider an applicant from someone acting as a power of attorney.

Warning

We are only comfortable with power of attorney who is simply looking to remortgage or is making a sound decision. We are not comfortable with a power of attorney converting a property into a BTL, or a power of attorney effectively purchasing a property that they have powers over into their own name.

Do contact us regarding these applications before submitting.
Previously Repossessed (years ago acceptable)

Description

Indicates if we can accept applicants that have previously had a property repossessed and if so how many years ago we require the repossession to have taken place.

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%.
Professional Landlord (Rent is primary source of income)

Description

Indicates if we can potentially accept professional landlords where their primary income source is from the rent from their portfolio. For example, Jess wants to obtain a mortgage and her only source of income (or her main source of income) is derived from the rent she receives from her portfolio of rental properties.

Policy

Ipswich Building Society does not accept professional landlords who wish to use rental income as their primary income source
Professional gambler

Description

Indicates if we can potentially consider an application from a professional gambler on residential applications

Policy

Ipswich Building Society will not consider an application from a professional gambler
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.
Properties with Occupancy Restrictions

Description

Indicates if we can consider lending on a property with occupancy restrictions

Policy

Ipswich Building Society will not consider an application on a property with occupancy restrictions
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 can potentially consider an application on a converted church

Warning

This would need to be submitted to us as a self build application.
Can not be next to a graveyard.
Property Construction: Dutch barns

Description

Indicates if we can potentially consider Dutch Barn properties

Policy

Ipswich Building Society can potentially lend on a Dutch Barn property

Warning

This would be need to be submitted to us as a self build application and will need to be referred to an underwriter.

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 able to accept Easiform construction properties depending on the type being used.

Warning

All cases must be referred.
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 are potentially able to accept applications on properties that have majority flat roof. We classify 'majority' as anything over 50%.

Policy

We are able to accept applications on new build properties that have majority flat roof.


Warning

Please refer all cases.
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: Modular and POD Construction

Description

Indicates if we can potentially consider lending on a property where the construction type is 'Modular' or 'POD'.

Policy

Ipswich Building Society can potentially lend on properties where the construction type is modular and POD construction. They must have BOPAS accreditation and are reviewed on a case by case basis.


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

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 will not lend on properties that are completely single skinned.

Outside

We can consider some cases where the property has an element of single skin, such as an extension. This is subject to a senior underwriters approval so please contact the sales team before proceeding via our online portal.
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)

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 residential 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 residential 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 residential 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 Factors: Contaminated Land

Description

Indicates if we can potentially lend on properties that are on contaminated land.

Policy

Ipswich Building Society will not consider properties that are situated on contaminated land.
Property Factors: Mine Shafts

Description

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

Policy

Ipswich Building Society will not lend on properties that are close to a mine shaft.
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 will not lend on properties that border class A1 commercial premises.
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. 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 Factors: Next to Commercial (Class A5 – hot food and takeaway)

Description

Indicates if we can potentially lend on a property where it borders Class A5 commercial premises. Class A5 businesses are hot food and takeaway.

Policy

Ipswich Building Society will not lend on properties that border class A5 commercial premises.
Property Factors: Next to Commercial (Class B)

Description

Indicates if we can potentially lend on a property where it borders Class B commercial premises. Class B businesses are considered further business and industrial activities.

Policy

Ipswich Building Society will not lend on properties that border class B commercial premises.
Property Factors: Next to Commercial (Class C)

Description

Indicates if we can potentially lend on a property where it borders Class C commercial premises. Class C businesses are considered hotels, hostels and dwelling houses.

Policy

Ipswich Building Society will not lend on properties that border class C commercial premises.
Property Factors: Next to Commercial (Class D)

Description

Indicates if we can potentially lend on a property where it borders Class D commercial premises. Class D businesses are considered non-residential institutions. Examples are museums, day nurseries, libraries.

Policy

Ipswich Building Society will not lend on properties that border class D commercial premises.
Property Factors: Next to Commercial (Sui Generis)

Description

Indicates if we can potentially lend on a property where it borders 'Sui Generis' commercial premises. Certain uses do not fall within any use class and are considered 'sui generis' (Lit. Unique / of its own kind). Such uses include: theatres, houses in multiple occupation, hostels providing no significant element of care, scrap yards. Petrol filling stations and shops selling and/or displaying motor vehicles. Retail warehouse clubs, nightclubs, launderettes, taxi businesses, amusement centres and casinos.

Policy

Ipswich Building Society will not lend on properties that border class 'Sui Generis' commercial premises.
Property Factors: Overhead Power Lines

Description

Indicates if we can potentially lend on properties that have overhead power lines running above them.

Policy

Ipswich Building Society will not lend on properties that have overhead power lines running above them.
Property Factors: Part Renovated (Is Habitable)

Description

Indicates if we can potentially lend on properties that are 'part renovated' but are in fact considered habitable by a surveyor.

Policy

Ipswich Building Society can potentially lend on properties that have been part renovated that are likely to be considered habitable by a surveyor. Subject to valuers comments.
Property Factors: Part Renovated (Not Habitable)

Description

Indicates if we can potentially lend on properties that are 'part renovated' and considered non-habitable by a surveyor.

Policy

Ipswich Building Society can potentially lend on properties that have been part renovated that are likely to be considered NOT habitable by a surveyor. Subject to positive valuers comments. We would consider this under our self build scheme
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.

Policy

Ipswich Building Society will not lend on properties that have been underpinned in the last 10 years.
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 residential 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 an application where the splitting of a title deed will take place on completion
Property Ownership: Tenancy in Common with Unequal Shares

Description

Indicates if we can potentially lend on residential 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 residential 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 Studio Flat Minimum Floor Area (Sq Metres)

Description

Indicates the area in square metres required when lending on studio flats.

Policy

We do not lend on studio flats
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 the property 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: Commonhold Properties

Description

Indicates if we can potentially lend on commonhold properties.

Policy

Ipswich Building Society does not lend on commonhold properties.
Property Type: Ex local auth flat/maisonette

Description

Indicates if we are 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 are potentially able to lend on ex-local authority houses/bungalows.

Policy

We are able to lend on ex local authority houses/bungalows.
Property Type: Farmhouse (where farmhouse and land are contiguous)

Description

Indicates if we are potentially able to lend on farmhouses where the farmhouse and land are contiguous.

Policy

We are able to lend on farmhouses where the farmhouse and land are contiguous, the farmhouse must be on it's own title
Property Type: Flat above commercial food outlet

Description

Indicates if we are able to 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 may be able to lend on flats above commercial officies.

Warning

This is subject to type of commercial and general location.
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: Flat above shop (not food outlet)

Description

Indicates if we are able to potentially accept flats above a shop that is NOT a food outlet.

Policy

Ipswich Building Society will not lend on flats/apartments that are above a shop.
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: Grade 1 Listed Building

Description

Indicates if we can potentially consider lending on property classified as a Grade 1 Listed Building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

Policy

Ipswich Building Society can potentially lend on properties that are classified as a Grade 1 Listed Building. These properties are acceptable subject to valuers comments.
Property Type: Grade 2 Listed Building

Description

Indicates if we can potentially consider lending on property classified as a Grade 2 Listed Building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

Policy

Ipswich Building Society can potentially lend on properties that are classified as a Grade 2 Listed Building. These properties are acceptable subject to valuers comments.
Property Type: Grade 2* Listed Building

Description

Indicates if we can potentially consider lending on property classified as a Grade 2* Listed Building. Categories of listed buildings in England & Wales: Grade I: buildings of exceptional interest. Grade II*: particularly important buildings of more than special interest. Grade II: buildings that are of special interest, warranting every effort to preserve them.

Policy

Ipswich Building Society can potentially lend on properties that are classified as a Grade 2* Listed Building. These properties are acceptable subject to valuers comments.
Property Type: Mobile homes and houseboats

Description

Indicates if we are potentially able to lend on mobile homes and houseboats.

Policy

We are not able to lend on mobile homes and houseboats
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 Usage: Acceptable commercial limit

Description

Indicates the limit we can potentially accept where the property usage has an element of commercial use.

Policy

We are not able accept applications where the property usage has an element of commercial use.
Property Usage: Agricultural restrictions

Description

Indicates if we can potentially accept properties that have agricultural restrictions.

Policy

We are able to accept properties that have agricultural restrictions.
Please refer on an individual basis. No cases considered above 50% LTV.

Property Usage: Bed and Breakfast (B&B)

Description

Indicates if we can potentially lend on residential applications for properties that are part used as a B&B (Bed and Breakfast).

Policy

Ipswich Building Society will not lend on residential properties that will continue to be used as a B&B.
Property Usage: Empty Property (Unoccupied)

Description

Indicates if we can potentially lend on residential applications for properties that will be empty/unoccupied following completion.

Policy

Ipswich Building Society will not lend on properties that will remain unoccupied after completion.
Property Usage: Holiday/Second Home

Description

Indicates if we can potentially accept applications on properties that are to be used as a second or holiday home.

Policy

On a second/home purchase we will lend up to 75% LTV


Property Usage: Holiday/Second Home maximum LTV

Description

If we lend on holiday/second homes, specifies what is the maximum loan to value we can lend when the property usage is second or holiday home.

Policy

On a second/home purchase we will lend up to 80% LTV

Warning

With the affordability assessment we will include all costs for both properties 
Property Usage: Home for dependant

Description

Indicates if we can potentially accept applications on properties that are classed as a home for a dependant.

Policy

Maximum LTV would be 75%
Property Usage: Home for dependant maximum LTV

Description

If we lend on homes for dependants, indicates the maximum loan to value (LTV) we can consider.

Policy

Maximum LTV for a home for a dependent is 75%
Property Usage: Live/Work units

Description

Indicates if we can potentially accept applications on properties defined as Live/Work units.

Policy

We are unable to accept applications on properties defined as Live/Work units.

Property Usage: Mixed Use Residential / Commercial

Description

Indicates if we are able to potentially lend on properties that are classified as mixed use for both residential occupation and commercial use.

Policy

Ipswich Building Society will not lend on properties that have mixed use commercial/residential.
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 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 has self contained annex

Description

Indicates if we can potentially accept applications on properties that contain a self-contained annex within the grounds of the property.

Policy

We now accept detached annexes as long as they are only going to be used by the applicants, and not let it out up to 75% LTV. Not acceptable on BTL applications.



Property with Age Restrictions / Retirement Properties

Description

Indicates if we are able to potentially accept applications from applicants who are looking to purchase a property that has an age restriction. For example, Mr Jones is looking to purchase a retirement apartment that can only be occupied by people who are at least 55 years of age.

Policy

Not acceptable to IBS
Property with Annex where Annex will be Let

Description

Indicates if we can potentially consider lending against a property that has an Annex and the Annex will be Let.

Policy

Ipswich Building Society does not lend on properties with an Annex where the Annex will be Let
Property with Restrictive Covenant Section 106

Description

Indicates if we are able to potentially accept 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 are potentially able to 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 are able to 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
Remortgage Purpose: Buy to Let to Residential

Description

Indicates if we can potentially allow a residential remortgage application for owner occupation where the existing mortgage is on a Buy to Let basis.

Policy

Ipswich Building Society can potentially consider remortgage residential applications for owner occupation on properties where the existing mortgage is a Buy to Let.
Remortgage Purpose: For Business Purposes

Description

Indicates if we can potentially consider lending when the reason for capital raising is considered for 'Business Related Purposes'.

Policy

Ipswich Building Society does not allow capital raising on a remortgage where the purpose of the funds is 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 residential applications.

Policy

Ipswich Building Society can consider remortgage applications with capital raising to carry home improvements on a property other than the security property.
Remortgage Purpose: Pay Tax Bill

Description

Indicates if we can potentially consider lending when the reason for capital raising is to raise funds to pay a tax bill.

Policy

Ipswich Building Society does not allow capital raising on a remortgage where the purpose of the funds is for payment of a tax bill.
Remortgage Purpose: Purchase Commercial Property

Description

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

Policy

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

Description

Indicates if we will allow capital raising for the purpose of repaying (IN FULL) their Help to Buy Equity Loan to take their ownership to 100% on residential applications.

Policy

Ipswich Building Society can consider remortgage applications with capital raising to repay a Help to Buy equity loan in full.
Remortgage Purpose: Shared Ownership Staircasing to 100% ownership (maximum LTV)

Description

Indicates if we will allow capital raising for the purpose of staircasing to 100% ownership on residential applications that are currently a shared ownership property.

Policy

Ipswich Building Society can accept mortgage applications that allow customers to the staircase to 100% ownership.

Warning

These cases are treated as purchases.
Remortgage purpose: Balance Swap (maximum LTV)

Description

Indicates the maximum loan to value (LTV) 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 95%.
Remortgage purpose: Buy out (maximum LTV)

Description

Indicates the maximum loan to value (LTV) we can accept where the remortgage purpose is to raise funds to buy out a partner or other borrower.

Policy

The maximum loan to value (LTV) we can accept where the remortgage purpose is to raise funds to buy out a partner or other borrower is 95%

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 90%. 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. For example, Trevor owns a property that is worth £200,000 and has a current outstanding balance of £140,000. He would like to consolidate an unsecured loan which has an outstanding balance of £10,000 and therefore needs a total loan of £150,000 giving him a LTV of 75%. 

Policy

Ipswich Building Society will accept debt consolidation up to 75% LTV.

Warning

Consolidating a Second Charge: Accepted as long as the second charge wasn't taken for 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: Gift Money (Maximum LTV)

Description

Indicates if we are able, and if so to what loan to value, accept remortgages where the purpose is to raise money to make a gift (for example to children to help with school fees etc or where parent(s) might want to help their children buy their first home).

Policy

We are able to accept remortgages where the purpose is to raise money to make a gift up to 50% LTV

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 home improvements.

Policy

We are able to accept remortgages where the purpose is to raise money for home improvements up to 95% 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 residential applications.

Policy

Ipswich Building Society can consider remortgage applications with capital raising for 'Land Purchase' up to a maximum LTV of 90%.
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 underwriter's 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
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. For example, John purchased a property at auction 3 months ago and now wishes to remortgage the property to raise some funds. 

Policy

The property must have owned the property for 6 months before it can be considered for a remortgage application.
Restricted Sale Price

Description

Indicates if we can potentially offer a residential 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.
Retentions (Minor retentions potentially ignored)

Description

Indicates if we will ignore valuers small suggested retentions below a certain figure. For example, a lender might ignore any suggestions that are for £2,000 or less.

Policy

Ipswich Building Society will not ignore small suggested retentions and if one is made a retention will be made regardless of retention amount.
Retirement Interest Only (RIO) Enhanced Terms Where Lasting Power of Attorney (LPA) Exists?

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so if we can offer enhanced terms (better interest rate, etc) if a 'Lasting Power of Attorney' is in place before completion of the proposed mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Benefit Income

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer RIO mortgages and if so, can consider benefit income when assessing their ability to maintain the ongoing mortgage. 

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Family Assistance

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider family assistance when assessing their ability to maintain the ongoing mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Investment Income

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider investment income when assessing their ability to maintain the ongoing mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Life Cover

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider life cover when assessing their ability to maintain the ongoing mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Other Non Provable Income

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider other non-provable income when assessing applicants ability to maintain the ongoing mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Rental Income

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider rental income when assessing an applicants ability to maintain the ongoing mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Joint Applicants First Death Affordability Assessment: Survivors Pension

Description

Where a joint application is taken lenders will assess the future means of affordability of the surviving borrower following the death of another applicant. This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so can we consider the survivor's pension when assessing their ability to maintain the ongoing mortgage.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Lasting Power of Attorney (LPA) Required?

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so is it a requirement of Retirement Interest Only (RIO) mortgages that a 'Lasting Power of Attorney' is in place.

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO) Offered?

Description

Indicates if we offer 'Retirement Interest Only' mortgages. RIO mortgages are specifically mortgages that can be taken on an interest-only basis with an open-ended mortgage term where the repayment vehicle is typically sale of property on the occurrence of one or more of the specified life events such as the death of either or both borrowers.

Policy

Ipswich Building Society can offer Retirement Interest Only (RIO) mortgages.

Warning

Currently restricted to selected intermediaries only.
Retirement Interest Only (RIO): Can Consider Non-Guaranteed Potential Future Affordability

Description

Often times applicants may be in paid employment at the time of application without a guaranteed conventional pension in place for their retirement. They could, however, have other planned methods of generating themselves an income into retirement such as purchasing an annuity with savings or receiving rental income. Whilst this criteria is not specific to those two examples it indicates if we offer Retirement Interest Only (RIO) mortgages and if so if
are we willing to consider other types of non guaranteed future projected income?

Policy

Ipswich Building Society does not offer Retirement Interest Only (RIO) mortgages at this time.
Retirement Interest Only (RIO): Minimum Equity Requirement

Description

This criteria indicates if we offer Retirement Interest Only (RIO) mortgages and if so do we have a minimum equity requirement. If the repayment strategy is the sale of the mortgaged property, lenders no longer have to assume, as was the case under the previous MCOB rule, that borrowers will need to downsize. Consequently, they do not need to factor into their criteria any specific minimum equity requirement, as is the case with other interest-only mortgages.

Policy

Ipswich Building Society has a minimum equity requirement of £150k

Warning

Currently restricted to selected intermediaries.
Retrospective New Build Warranty

Description

Indicates if we can potentially lend on residential applications for 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 can not consider retrospective new build warranties.
Returning to UK - Employed

Description

Indicates if we can potentially accept residential 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) for affordability 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.
Please contact the sales team to discuss further as these are taken on a case by case basis

Warning

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 residential 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 for affordability 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.
Right to Acquire

Description

Indicates if we accept Right to Acquire applications.

Policy

We are able to accept Right to Acquire applications
Right to Buy

Description

Indicates if we accept Right to Buy applications.

Policy

We will accept Right to Buy applications
Right to Buy Home Improvements Allowed

Description

Indicates if we accept Right to Buy cases can we can potentially accept additional monies being raised for home improvements at the point of the Right to Buy initial purchase.

Policy

We can not accept capital raising on Right to Buy applications.
Right to Buy Maximum LTV (of discounted purchase price)

Description

Indicates if we accept Right to Buy cases, the maximum loan to value (LTV) of the discounted purchase price we will consider for Right to Buy applications. For example, John has the right to buy his council home which has been given an open market value of £100,000 with a discount of £35,000. The discounted purchase price is therefor £65,000. 

Policy

We can lend up to 100% of the discounted purchase price as long as the LTV based on the valuation does not exceed 80%
Right to Buy additional lending above discounted price

Description

Indicates if we accept Right to Buy cases if we allow a borrower to borrow more than the discounted Right to Buy purchase price to cover other costs and home improvements. For example, John would like to purchase his council home he has been offered for £65,000 which is 100% of the discounted price (£100,000 less a £35,000 discount). He would also like to borrow an additional £5,000 to cover some legal costs and to put in a new kitchen. 

Policy

We will not allow a borrower to borrow more than the discounted Right to Buy purchase price to cover other costs and home improvements.
Right to Buy joint application sole occupier

Description

Indicates if we accept Right to Buy cases can we accept a joint application for a Right to Buy application where only one borrower will reside at the property. For example, John wishes to purchase his council home that he has the right to buy on but cannot afford it on his current income. His son has offered to help but has his own separate living arrangements independent from his father. They therefore need to find a lender that would accept a joint application with only one occupier.

Policy

We will accept a joint application for a Right to Buy application where only one borrower will reside at the property. The maximum LTV would be 80% and would be subject to affordability including the second property.
Right to buy remortgage within pre-emption period - Balance swap

Description

Indicates if we can potentially consider a right to buy remortgage balance swap application within the pre-emption period

Policy

Ipswich Building Society will not consider a right to buy remortgage balance swap application within the pre-emption period
Right to buy remortgage within pre-emption period - Capital raising

Description

Indicates if we can potentially consider a right to buy remortgage capital raising application within the pre-emption period

Policy

Ipswich Building Society can potentially consider a right to buy remortgage capital raising application within the pre-emption period

Warning

Only for home improvements. Must be below 75% LTV.
Self Build Accepted

Description

Indicates if we are potentially able to offer self-build mortgages.

Policy

We are able to accept self build applications
Self Build: Maximum loan amount

Description

Indicates the maximum loan size we can consider on self build applications

Policy

Ipswich Building Society has a maximum loan size of £1,000,000 subject to product availability and LTV.
Self Build: Maximum term

Description

Indicates the maximum term a self build mortgage can be taken over.

Policy

Ipswich Building Society has a maximum term of 40 years.
Self Employed Income: Directors Loan Payback

Description

Indicates if we can accept repayment of a directors loan as an acceptable source of income for affordability purposes. Often directors will first take back any money they introduced into the business as a directors loan before formally drawing a salary or taking dividends.

Policy

Ipswich Building Society does not accept payback of a directors loan as an income that can be used in our affordability assessment.
Self Employed Income: Limited Company Directors (Salary and Dividends)

Description

Indicates if we can accept Salary and Dividends as the components used to assess affordability as opposed to say salary and net profit.

Policy

We are able to accept Salary and Dividends as the components used to assess affordability. We can take this income to the age of 75 as long as the role in non-manual.

We can now accept a directors self-employed income into retirement if the business will continue to receive income from the business i.e. sons taking over the day to day running's where dad will still receive dividends.

Outside





Self Employed Income: Limited Company Directors (Salary and Net Profits)

Description

Indicates if we can accept Salary and Net Profit as the components used to assess affordability as opposed to say salary and dividends.

Policy

We are not able to accept Salary and Net Profit as the components used to assess affordability as opposed to say salary and dividends.
Self Employed Income: Limited Company Directors (Salary and Share of Net Profits AFTER CORPORATION TAX)

Description

Displays if we will use 'Salary and Share of Net Profit AFTER CORPORATION TAX' as the components used to assess affordabiliy as opposed to either 'Salary and Share of Net Profit BEFORE CORPORATION TAX' or 'Salary and Dividends'

Policy

Ipswich Building Society can potentially accept share of net profits AFTER CORPORATION TAX as the primary income used when assessing income from directors of a limited company.

Warning

We cannot combine salary and share of net profit
Please refer to our Covid-19 changes for Self Employed income.
Self Employed Income: Limited Company Directors (Salary and Share of Net Profits BEFORE CORPORATION TAX)

Description

Displays if we will use 'Salary and Share of Net Profit BEFORE CORPORATION TAX' as the components used to assess affordabiliy as opposed to either 'Salary and Share of Net Profit AFTER CORPORATION TAX' or 'Salary and Dividends'

Policy

Ipswich Building Society does not use salary and share of net profits BEFORE CORPORATION TAX as the primary income used when assessing income from directors of a limited company.
Self Employed Income: Limited Company Retained Profits

Description

Indicates if we can potentially consider retained profits as an allowable income type when assessing affordability on residential applications.

Policy

Ipswich Building Society does not accept retained profits as an acceptable source of income when assessing affordability.
Self Employed Income: Net Profit (for sole traders and partnerships)

Description

Indicates if we can accept Net Profit (for sole traders and partnerships) as an acceptable source of income for affordability purposes.

Policy

We will accept net profit for sole traders & partnerships
Self Employed: Accounts or Accountant Certificates where Accountant is not Chartered or Certified

Description

Indicates if we will accept accounts or an accountant's certificate from an accountant that does NOT have 'Chartered' or 'Certified' status.

Policy

Ipswich Building Society does not accept accounts or accountants certificates from accountants that are not either 'Chartered' or 'Certified'
Self Employed: Amount of shareholding to be considered self employed (percentage)

Description

Indicates the point at which we consider a person as self-employed as opposed to employed when they hold a shareholding in the business. The figure indicates the percentage shareholding required to be considered self-employed and anything less than this figure the applicant will be assessed as employed.

Policy

Applicant needs to be at least a 25% shareholder to be classed as self employed
Self Employed: Bounce Back Loan Scheme (BBLS)

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).



Self Employed: Can use Projection as Latest Year

Description

Indicates if we can potentially consider the self-employed applicants latest year figures as a projection from their accountant.

Policy

Ipswich Building Society does not accept a projection as for the latest years self employed figures for affordability purposes.
Self Employed: Declining Profits

Description

Indicates if we can potentially accept a self-employed applicants income where the profits have declined year on year.

Policy

Applications would need to be referred and will be assessed on an individual basis - If low LTV and reasonable explanation. Chartered Accountant must confirm profits not likely to reduce further.

Self Employed: Latest years self employed figures for affordability

Description

Indicates if we can potentially use the latest years figures exclusively (rather than an average) for affordability assessment. 

Policy

We will use the latest years self employed figures if it is lower than the previous year. If the latest year is higher, then we take an average of the last 2 years.

Warning

We cannot accept projections.
Self Employed: Limited Company: Other allowable income

Description

This indicates if we are able to add back in any accounting deductions. For example for a limited company, allowing car allowance and/or pension contributions to be added to overall customers self-employed income.

Policy

we are unable to add back in any accounting deductions
Self Employed: Loss in Latest Year

Description

Indicates if we can potentially consider Self-Employment income from an applicant how has made a loss in their latest year.

Policy

Ipswich Building Society can potentially consider income from self-employed applicants who have made a loss in the latest year subject to underwriting. Please call us to discuss this further.
Self Employed: Maximum age of latest company accounts for Limited Companies (months)

Description

Specifies the max age of the latest company accounts (in months) that we will find acceptable for income proofs for a limited company.

Policy

If accounts are over 9 months a Chartered Accountants reference will be required. If the applicant doesn't use an accountant we will use the SA302's assessed on an individual basis
Self Employed: Maximum age of latest company accounts for Sole Traders/Partnerships (Months)

Description

Specifies the max age of the latest company accounts (in months) that we will find acceptable for income proofs for a sole trader or partnership.

Policy

If over 9 months a Chartered Accountants reference will be required. If accounts are over 9 months a Chartered Accountants reference will be required. If the applicant doesn't use an accountant we will use the SA302's assessed on an individual basis
Self Employed: Minimum length of time self employed (months)

Description

This is the MINIMUM length of time an applicant must have been self-employed for in order for their income to be considered.

Policy

Applicant must have been self employed for 2 years.

Warning

The Maximum LTV is 85%

If the customer has taken the SEISS grant BEFORE October 2020 then LTV is capped at 80%.

Customers who have taken the SEISS grant from October 2020 onwards, or have taken any of the small business grants cannot be considered.
Self Employed: Recent change in status (sole trader to limited company, etc)

Description

Indicates if we can consider the income from a self-employed applicant on a residential application where a change in self employed status has recently taken place. For example, where an applicant has been a sole trader for 8 years and has recently converted his business status to a Limited Company but has not been trading long enough as a Limited Company to have sufficient accounts. The applicant would need us to consider their income based upon their historic performance as a sole trader.

Policy

Ipswich Building Society will not consider an application where a change in self employed status has taken place recently
Self Employed: Sole Trader / Partnerships: Other allowable income

Description

This indicates if we are able to add back in any accounting deductions. For example for a sole trader, allowing spousal salary and/or use of home as an office to be added to the net profit figure.

Policy

We are not able to add back in any accounting deductions.
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-Build: Additional borrowing considered during the build

Description

Indicates if we will allow applicants to borrow additional funds during the build

Policy

Ipswich Building Society can potentially consider additional borrowing outside of the agreed initial loan amount and stage payment release schedule during the build phase on a case by case basis.

Warning

Must pass an affordability assessment and underwriters comments.
Self-Build: Affordability - Can applicants savings be used to cover monthly rental or mortgage payments?

Description

Indicates if we will allow applicants savings to cover the monthly rental or mortgage payments during the build rather than included in affordability assessment

Policy

Ipswich Building Society will allow applicants to use existing savings to cover any ongoing mortgage or rental payments so they can be excluded from the affordability assessment.

Warning

We require the funds to cover 2 years worth of payments, and we would request to see 6 months bank statements to evidence this level of savings.
Self-Build: Affordability - Dual affordability assessment required? (During & After build)

Description

Indicates if we will complete an affordability assessment during and post build

Policy

Ipswich Building Society will apply a dual affordability assessment for self-build mortgages that ensures the mortgage is both affordable during and after the build.

Complete the following link for us to assess this internally for you: https://www.ipswich-intermediaries.co.uk/tools-and-calculators/self-build-mortgage-enquiry-form
Self-Build: Affordability - Ongoing rent or mortgage payments included in affordability assessment?

Description

Indicates if we will include existing monthly rental or mortgage payments into the affordability calculation

Policy

Ipswich Building Society will assess ongoing rent and/or mortgage payments in the affordability assessment for self-build mortgages during the build period.
Self-Build: All applicants are First time buyers

Description

Indicates if we can potentially consider self build applications where all applicants are First Time Buyers.

Policy

Ipswich Building Society can potentially consider self-build applications where all applicants are first time buyers.
Self-Build: Back to Back (Remortgage waiting period)

Description

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

Policy

Ipswich Building Society can potentially accept 'DAY ONE' self-build remortgages. However, these are assessed on a case by case basis.

Warning

The applicant(s) must show as legal owners on the land registry title deed. Please refer to the Society prior to application.
Self-Build: Build type - Barn conversion

Description

Indicates if we can accept a self build application for a barn conversion

Policy

Ipswich Building Society can potentially accept self-build applications for a barn conversion.
Self-Build: Build type - Conversion (commercial to residential)

Description

Indicates if we will accept an application for converting a commercial property to a residential dwelling

Policy

Ipswich Building Society can potentially accept self-build applications for commercial conversion into residential on a case by case basis.

Warning

Refer this to a member of the sales team before proceeding.
Self-Build: Build type - Knock down & rebuild

Description

Indicates if we can accept a self build application for a knock down & rebuild

Policy

Ipswich Building Society can potentially accept self-build applications for 'knock down and rebuild'.
Self-Build: Build type - Renovation

Description

Indicates if a lender can accept a self-build application for a renovation project

Policy

Ipswich Building Society can potentially accept self-build applications for renovation projects.
Self-Build: Build type - Unfinished/mid-build projects

Description

Indicates if we can accept a self build application for unfinished/mid-build projects

Policy

Ipswich Building Society can potentially accept self-build applications for unfinished and/or mid-build projects.

Warning

Please discuss with the your BDM or the sales team before proceeding.
Self-Build: Building Regulations approval required prior to completion

Description

Indicates if we require building regulations approval to be in place prior to completion of a self-build application

Policy

Ipswich Building Society requires applicants to have building regulations approval prior to completion.
Self-Build: Can use own Conveyancer?

Description

Indicates in an applicant can use use their own conveyancer on a self build application

Policy

Ipswich Building Society requires applicants to use a solicitor/ conveyancer specified by us or from our restricted panel of approved solicitors.
Self-Build: Concessionary Land Purchase

Description

Indicates if we can accept a concessionary land purchase for self-build applications.

Policy

Ipswich Building Society can potentially consider purchase self-build applications where the land is being gifted to the borrower(s) or purchased at undervalue.

Warning

Please refer to the Society prior to submission.
Self-Build: Contiguous land owned by the applicant

Description

Indicates if we will accept a self build application where the surrounding or adjoining land is owned by the applicant

Policy

Ipswich Building Society can potentially accept self-build applications for projects that will border other land owned by the applicant.

Warning

The plot of land must be split and have its own access before we can assist.
Self-Build: Contiguous land owned by their family

Description

Indicates if we will accept a self build application where the surrounding or adjoining land is owned by the applicants family

Policy

Ipswich Building Society can potentially accept self-build applications for projects that will border other land owned by the applicants family.

Warning

The land must be split and have its own access before we can assist.
Self-Build: Custom build schemes

Description

Indicates if we will accept custom build applications. Custom build homes are self-build properties that are offered in a customised way by a builder / developer . These offer buyers the opportunity to self-build in a more hands off approach to what they would potentially experience when managing the whole process themselves.

Policy

Ipswich Building Society does not accept custom self-build schemes offered by builders / developers.
Self-Build: Direct to Lender or Packager

Description

Indicates if an adviser can submit a self-build application directly to the lender or is required to go via a packager.

Policy

Ipswich Building Society can accept applications for self-build mortgages direct from the advisor
Self-Build: Eco property allowed

Description

Indicates if we will allow a self build application for an eco property

Policy

Ipswich Building Society can potentially offer self-build mortgages on builds that will be considered 'Eco builds'.

Warning

Dependent on construction methods. Please refer to the Society prior to application.
Self-Build: Gifted land/plot (gifted by a NON family member)

Description

Indicates if we can accept a self build application where the land or plot has been gifted to the applicant from a person who is NOT a family member

Policy

Ipswich Building Society will NOT accept self-build applications where the land or plot has been gifted to the applicant by a person who is NOT a family member.
Self-Build: Gifted land/plot (gifted by family member)

Description

Indicates if we can accept a self build application where the land or plot has been gifted to the applicant from a family member

Policy

Ipswich Building Society can potentially accept self-build applications where the land or plot has been gifted to the applicant by a family member.

Warning

They must have had the property in their own name for at least 6 months before we can assist.
Self-Build: Lending against land

Description

Indicates if we will consider an application to lend against the purchase of Land

Policy

Ipswich Building Society can potentially accept applications that require borrowing against the land.
Self-Build: Length of time before works must commence (months)

Description

Indicates the length of time we will accept before works must commence on the build

Policy

Ipswich Building Society does not have a specific time frame before which the project should commence but would expect this to be promptly after completion.
Self-Build: Maximum LTV against valuation at point of stage release

Description

Indicates if we have a maximum LTV limit at each stage release during the build

Policy

Ipswich Building Society specifies that the LTV cannot exceed 80% at the point of each stage release.
Self-Build: Maximum LTV of estimated final value

Description

Indicates the maximum LTV we will consider of the estimated final value

Policy

Ipswich Building Society specifies that the LTV cannot exceed 80% of the projected final end value once the build is complete.
Self-Build: Maximum LTV on land/plot value or purchase price

Description

Indicates the maximum LTV we will consider of the land/plot value or purchase price

Policy

Ipswich Building Society specifies that the LTV cannot exceed 80% of the land/plot value or purchase price.

Warning

Please bear in mind that the Society would not lend the full loan amount as the initial release as some funds are always retained to ensure the build is completed.
Self-Build: Maximum amount of stage payments

Description

Indicates if we have a maximum amount of stage payments for a self build application

Policy

Ipswich Building Society does not specify a maximum number of stage payments.
Self-Build: Maximum number of multi-plot or group development allowed

Description

Indicates the maximum amount of properties/plots we allow in a multi-plot or group development

Policy

Ipswich Building Society does not offer self-build applications on multi plot sites.
Self-Build: Maximum plot size (acres)

Description

Indicates the maximum plot size we can consider

Policy

Ipswich Building Society has a maximum plot size of 10 acres.
Self-Build: Minimum amount of stage payments

Description

Indicates if we have a minimum amount of stage payments for a self build application

Policy

Ipswich Building Society specifies the minimum number of stage payments as 2.
Self-Build: Minimum number of months remaining on planning permission

Description

Indicates the minimum number of months we require remaining on planning permission for a self build application

Policy

Ipswich Building Society requires at least 12 months remaining on the planning permission.
Self-Build: Minimum plot size (Square Metres - 1 Acre = 4047 SqM )

Description

Indicates the minimum plot size (in Square Metres) we can consider

Policy

Ipswich Building Society has no minimum plot size for self-build applications.
Self-Build: More than one pending self-build application

Description

Indicates if we will accept applicants with more than one self build application pending

Policy

Ipswich Building Society will NOT accept applications from applicants that have more than one pending self-build application in progress with a lender.
Self-Build: Multi-plot or group developments allowed? (where applicant is purchasing one plot of many)

Description

Indicates if we will allow a self build application that is part of a multi-plot or group development

Policy

Ipswich Building Society will not consider self-build applications where the applicant is purchasing a plot as part of a multi plot development.
Self-Build: Outline or full planning permission required

Description

Indicates if we require Full or Outline planning permission when submitting a self build application

Policy

Ipswich Building Society can assess self-build applications with only 'Outline planning permission' but can only accept self-build applications with 'Full planning permission'.
Self-Build: Preferential terms for eco build

Description

Indicates if we will allow preferential terms for applicants building an eco property

Policy

Ipswich Building Society can potentially offer preferential terms on 'Eco Builds' (subject to product availability and valuers comments).

Warning

Please refer to the Society for acceptable construction types
Self-Build: Product fees added to the loan

Description

Indicates if we allow borrowers to add the arrangement fee (where one is payable) to the mortgage advance on a self build application

Policy

Ipswich Building Society allows any product fees to be added to the advance.
Self-Build: Property Type: Semi-detached property

Description

Indicates if we will allow a self build application for a semi-detached property

Policy

Ipswich Building Society will not offer self-build mortgages for Semi-Detached properties.
Self-Build: Property Usage: Holiday/Second Home

Description

Indicates if we will allow a self build application for second property or holiday home purposes

Policy

Ipswich Building Society will not consider self-build applications where the property use will be as a second/holiday home.
Self-Build: Pure Interest only acceptable during the build?

Description

Indicates on a self build application if we will allow interest only during the build

Policy

Ipswich Building Society can potentially (subject to product availability) accept pure interest only during the build phase of a self-build project.

Warning

Affordability must be conducted internally so please contact the sales team or complete the link below: https://www.ipswich-intermediaries.co.uk/tools-and-calculators/self-build-mortgage-enquiry-form

Self-Build: Required build completion time (months)

Description

Indicates if we requires the build to be completed in a specific time frame

Policy

Ipswich Building Society requires self-build projects to be completed within a 24 month time frame.
Self-Build: Retention product offered upon completion of build

Description

Indicates if we offer a retention product upon completion of the build

Policy

Ipswich Building Society can potentially (subject to product availability) offer a retention product to the applicant upon successful project completion.
Self-Build: Retention retained until sign off following build completion

Description

Indicates if we will retain a retention until completion of the build

Policy

Ipswich Building Society will usually hold a retention until completion and final sign off of the works as all of our self build products are 'arrears' based.
Self-Build: Shared access allowed?

Description

Indicates if we will accept a self build application where there is shared access to the security

Policy

Ipswich Building Society can potentially accept self-build applications for projects that will have shared access.

Warning

  • Relevant rights of access must be in place at the point of application. In order to ascertain this, we will need to carry out a land registry search to ensure that it is noted within the title deeds.
  • The conveyancer must also confirm to us that the relevant rights of access to the property are set out in within the title deeds – this will be an offer condition.
  • Any valuers comments made on the access to the site must be forwarded to the conveyancer, this can be done by way of an offer condition.
  • The customer's insurance policy must include the legal cover and public liability cover.
  • Title insurance will need to be in place at the point of completion in the event of any boundary disputes if required. This will also need to be an offer condition to ask the Solicitor to confirm that there are no boundary disputes at the time of completion. If there are then the relevant title insurance will be required to be in place prior to the release of funds.
  • Private Road Insurance will be required and must be in place at the time of completion.
Self-Build: Stage payment frequency

Description

Indicates if we allow flexible stage payments or we have set stage payments for self build mortgages

Policy

Ipswich Building Society can potentially allow a flexible stage payment schedule.

Warning

The property must have increased in value from the previous stage release and we are unable to exceed 80% LTV at each release point.
Self-Build: Stage payment release schedule

Description

Indicates if we make advanced payments or payments in arrears for self build mortgages

Policy

Ipswich Building Society will release the stage payments in arrears and has no set stage releases.
Self-Build: Stage release fees

Description

Indicates if a fee payable for each stage release on a self build application

Policy

Ipswich Building Society WILL charge stage release fees.
Self-Build: Standard retention for project

Description

Indicates the retention percentage we will retain until completion of the build

Policy

Ipswich Building Society will usually hold a retention back until the completion of the build but there is no set percentage.
Self-Build: Valuation fee based on the estimated final value or land value

Description

Indicates if we will base the valuation fee on the value of the land or estimated final value of the build

Policy

Ipswich Building Society will assess the valuation fee based upon the projected end value of the property.

Warning

Once the initial valuation is paid, for every stage release the client will be charged £100 each time.
Self-Build: applicants own savings required?

Description

Indicates if we require the applicant's to contribute their own savings towards the build

Policy

Ipswich Building Society requires applicants to have their own savings for all self-build applications.
Shared Ownership

Description

Specifies if we can accept shared ownership applications.

Policy

Due to COVID-19 we have currently withdrawn from accepting Shared ownership applications
Shared Ownership Maximum Initial Share (%)

Description

Indicates if we offer shared ownership mortgages and if so what is the maximum initial share we permit for a shared ownership case.

Policy

Due to COVID-19 we have currently withdrawn from accepting Shared ownership applications
Shared Ownership Maximum LTV (of applicants share)

Description

Indicates if we offer shared ownership mortgages and if so what is the maximum loan to value we can lend on the share the applicant is purchasing on a shared ownership basis. 

Policy

Due to COVID-19 we have currently withdrawn from accepting Shared ownership applications
Shared Ownership Min Initial Share (%)

Description

Indicates if we offer shared ownership mortgages and if so what is the minimum share we permit for shared ownership cases.

Policy

Due to COVID-19 we have currently withdrawn from accepting Shared ownership applications
Shared Ownership remortgage purpose: Capital raising for home improvements

Description

Indicates if we can potentially consider a shared ownership application with capital raising for home improvements

Policy

Ipswich Building Society does not accept Shared Ownership applications.
Shared Ownership: Restricted Staircasing

Description

Indicates if we can potentially consider residential applications for Shared Ownership cases that have a restricted staircasing clause.

Policy

Due to COVID-19 we have currently withdrawn from accepting Shared ownership applications
Sharia Compliant Mortgages

Description

Indicates if we offer Sharia compliant residential mortgages.

Policy

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

Description

Indicates if we can potentially accept a residential 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 are able to 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 for married couple

Description

Indicates if we are able to potentially accept applications in sole names where the applicant is married and the husband or wife will also be residing in the property. For example, a couple may wish to keep their financial affairs separate to avoid any unwanted disputes if they were ever to split which is sometimes common when people remarry.

Policy

We are able to potentially accept applications in sole names where the applicant is married and the husband or wife will also be residing in the property.
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: Cryptocurrency / Bitcoin

Description

Indicates if we can potentially accept cryptocurrencies as an acceptable source of deposit.

Policy

Ipswich Building Society will not consider this type of deposit.
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 accept applications that are considered a concessionary purchase. Examples of a concessionary purchase are a grandparent selling a property to a grandchild at a genuine discount or a landlord doing the same for a tenant. For example, the property might be worth £150,000 on the open market but the owner is selling it to the buyer for £135,000 with the discount effectively becoming the deposit.

Policy

We are able to accept applications that are considered a concessionary purchase.
Source of deposit: Forces Help To Buy

Description

Indicates if we accept the forces help to buy scheme as an acceptable source of deposit.

Policy

We are able to accept this source of deposit up to 95% LTV
Source of deposit: Gift From Immediate Family

Description

Indicates if we accept a gift from an immediate family member as an acceptable source of deposit. Immediate family usually means spouse, parent, grandparent, sibling, child or grandchild but you should check to clarify our specific definition.

Policy

For applications up to 95% LTV we will accept 100% gifted deposit 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.

The donor should confirm (in a letter) that the monies are a gift and as such are non-repayable, and that they will retain no interest in the property.

Proof of the deposit will be required.

For cases at 95% LTV:

• Customer must have been renting consecutively for a minimum of 12 months.
• Evidence of 12 months rental payments must be received as part of supporting documents i.e. bank statements.
• We require the customer to have a squeaky clean credit profile.


Source of deposit: Gift from occupier NOT named on mortgage

Description

Indicates if we accept a gift from an occupier who will not be named on the mortgage. An example of this situation could be whereby two friends or a couple plan to live together and one of them purchases the property and obtains the mortgage where the other party is providing the deposit (as a gift) but will not be named on the mortgage or jointly own the property.

Policy

We are not able to accept this source of deposit
Source of deposit: Gifted NOT from Immediate Family

Description

Indicates if we 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: Loan Repayable on Sale of Property

Description

Indicates if we accept a loan that is secured against the property as a second charge, no monthly repayments are made and is repayable upon the sale of the property. For example, this situation could arise where parents want to help out a child to purchase a property but do not want to outright gift the money. The parent would place a second charge against the property so that when the property was sold at a later date the loan would be repaid providing there was sufficient equity remaining after any higher ranking charges (a mortgage for example) were repaid.

Policy

We are only able to accept this source of deposit in divorce cases.
As part of some divorce settlements, ex-spouses may be asked to provide a loan in order for the other partner to purchase a further home, these generally are repayable on the sale of the property and are secured against the property as a second charge, we will consider such deposits from ex-spouses as long as they are only repayable on the sale of the property and secured by means of a second charge, however consideration will need to be given to the impact on the borrower of repaying these loans on their overall repayment strategy. We would also need to see a copy of the court order.

For applications at 95% LTV we would expect the applicants to be providing the 5% deposit from their own funds.


Source of deposit: Mortgage on additional property

Description

Indicates if we accept monies raised from the mortgage of an additional property as an acceptable source of deposit. For example, Mr & Mrs Smith want to purchase a new home to live in. The purchase price is £200,000 and they are looking to put down a £50,000 deposit. Their deposit is being raised against another property they own which is Let. 

Policy

We are able to consider applications with this source of deposit but the case would need to be referred onto our lending team at initial enquiry stage
Source of deposit: Originated outside of EEA

Description

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

Policy

We are not able to accept this source of deposit
Source of deposit: Repayment of Ltd Company Directors Loan

Description

Indicates if we accept the repayment of a limited company directors loan as an acceptable source of deposit. For example, Tom has a limited company that he personally put some money into when setting the company up. He now wishes to take that money back out of the company and use it to fund his deposit.

Policy

We are not able to accept repayment of Ltd Company Directors Loan as a 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 5% deposit and borrow a 95% mortgage. The 5% deposit is a bank loan.

Policy

We will not allow an unsecured loan as a deposit
Source of deposit: Vendor Gifted

Description

Indicates if we accept vendor gifted deposits as an acceptable source of deposit. (NOT builder gifted deposit for new build properties). For example, John is looking to purchase a property an estate agent is selling and the current owner (not related to the buyer) has offered to help with a deposit by way of a gift.

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.
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. An example of when this might be useful is where the applicant has agreed to repay money back to a parent who lent them some money to get started

Policy

Ipswich Building Society does not offer mortgages with split term durations
Sports Professionals

Description

Indicates if we can potentially accept applications from sports professionals and if so how they are treated and assessed.

Policy

Ipswich Building Society can potentially lend to applicants who are considered 'Sports Professionals'.



Warning

Each case will be assessed on an individual basis.

We tend to use a retirement age of around 30 and would need to see a track record of previous contracts.
Telecommunications Adverse Ignored

Description

Indicates if we can potentially ignore telecommunications adverse credit on residential 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.
Transitional Arrangements Offered

Description

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

Policy

Ipswich Building Society does not offer mortgages on a transitional arrangement basis.
This is offered on a BTL basis but not a residential.
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 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 client's recent bank statements.

Policy

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

Description

Indicates if we are able to 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
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 can potentially consider applicants that hold a family visa. Maximum 75% LTV and must be in a professional position. Please refer before application submission



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 residential 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 an 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 can potentially consider applicants that hold a 'Tier 1' working visa. Maximum 75% LTV and must be in a professional position. Please refer before application submission
Visas: Working Visa (Tier 2 - Long-term work visas)

Description

Indicates if we can potentially accept an 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 can potentially consider applicants that hold a 'Tier 2' working visa. Maximum 75% LTV and must be in a professional position. Please refer before application submission

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