Ipswich Mortgages
Compare Ipswich Mortgage Rates. Ipswich Building Society provides mortgages for homeowners, self-builders and buy to let landlords and mainly operates in the East of England region.
Compare Ipswich mortgages
Finding the right mortgage requires you to compare the various offers from across the market to see which best matches your needs.
Ipswich Building Society offer various types of mortgages for different kinds of borrowers.
Homeowner mortgages
You can take out fixed rate, variable rate and tracker mortgages with Ipswich Building Society towards buying or building a home.
They offer standard homeowner mortgages for buying a property, as well as mortgages aimed specifically at self-builders and the self-employed.
They also offer a particular type of mortgage they refer to as a “SWEAT equity mortgage”. This allows you to reduce your borrowing if you are willing to do some of the work yourself to finish off a new build house, such as taking care of the internal fitting out.
Buy to Let mortgages
Ipswich Building Society will lend up to 75% of a buy to let property’s value to prospective landlords and current landlords looking to expand their portfolio.
Properties must be let on an approved Assured Shorthold Tenancy basis and the rental income must equal at least 125% of the monthly interest-only mortgage payments.
Remortgaging with Ipswich
If you want to get a better deal on your mortgage or raise extra equity for home improvements or other purposes, you could look at remortgaging with Ipswich Building Society.
This can allow you to borrow at a better rate than with your existing mortgage, allowing you to cut your monthly payments.
Alternatively, by borrowing more you can end up with an extra lump sum after your old mortgage is paid off.
Second charge mortgages
If you want to borrow more, is can sometimes be cheaper to take out a separate secured loan, rather than switching to a larger mortgage.
This type of additional secured borrowing is known as a second charge mortgage.
Loan to value ratio
One of the key pieces of information mortgage providers use to decide how much they will be willing to lend you is your loan to value (LTV) ratio.
This shows them how much you want to borrow relative to the market value of the property you wish to borrow against.
For example, if you are looking at purchasing a home worth £100,000 and need to borrow £50,000 as a mortgage, your LTV would be 50% as the loan is 50% of the value of the property.
LTV takes account of all borrowing secured against a property, so if you later decided to take out a second secured loan on that same house for an extra £25,000, it would make your total LTV 75%.
The lower your LTV, the better interest rates you are likely to be offered.
Find the best deals on mortgage rates
To get the best deal on your mortgage, you need to be able to compare interest rates and other details on mortgages from across the industry.
Our mortgage calculator makes this easy for you, by showing you appropriate deals from all the top providers in one place.
All you have to do is put in some basic information about your borrowing needs and personal finances and the mortgage calculator does the rest. This allows you to easily compare and contrast the various offers that match your needs.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.