MORTGAGE - ibs.co.uk · MORTGAGES There are different types of variable rate mortgages. These include Standard Variable Rate, discount and tracker rate mortgages. With these types

MORTGAGERATE GUIDERates correct as at 10 September 2020

RESIDENT IAL DISCOUNT RATE MORTGAGES

There are different types of variable rate mortgages. These include Standard Variable Rate, discount and tracker rate mortgages. With these types of mortgage your payment each month could go down or up, depending on interest rate movements. These include the Bank of England changing base rate or a mortgage lender changing their Standard Variable Rate. A variable rate mortgage may suit you if you are less concerned with fixing your monthly mortgage payment.

RESIDENTIAL 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting to for 36 months

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan

Valuation Fee Additional Information

2.25% (SVR minus

2.99%)

2 years from completion

date

3.50% (SVR minus

1.74%)5.24% 4.1% £199 £800 £35 £750k

Purchase: Based on property valuation

Remortgage: FREE

Fee free overpayments up to 50% of original loan. Early repayment charge of 1% applies until 2 years from completion [Remortgage

only: fee assisted legals]

Product codes: 11126, 67173

REPRESENTATIVE EXAMPLE

DISCOUNT EXAMPLE: A mortgage of £150,000.00 payable over 15 years on our Standard Variable Rate currently at 5.24% with a discount of 2.99%, giving a current rate payable of 2.25% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £988.10, followed by 36 payments of £1,066.68, followed by 120 payments of £1,156.83. The total amount payable would be £201,388.48 made up of the loan amount plus interest (£50,099.48), an application fee of £199, a completion fee of £800, a valuation fee of £160, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.1% APRC representative.

*APR/APRC - The annual rate charged for borrowing expressed as a percentage over the term of the loan.

RESIDENTIAL 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 85% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.60% (SVR minus

2.64%)


date

3.50% (SVR minus

1.74%)5.24% 4.2% £199 £800 £35 £500k


Remortgage: FREE

Fee free overpayments up to 50% of original loan. Early repayment charge of 1% applies until 2 years from completion [Remortgage

only: fee assisted legals]


Fixed rate mortgages are suitable if you want to pay a set amount each month and do not want your monthly payment to

fluctuate. Your interest rate remains the same for a set period of time and therefore the amount you pay for your mortgage each month will remain the same. If you want to leave a fixed

rate mortgage deal before the end of the term, an earlyrepayment charge may be payable.

RESIDENT IAL F IXED RATE MORTGAGES

RESIDENTIAL 2 YEAR FIXED RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting

to until 31/03/2026

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.50% 31/12/20223.50%

(SVR minus 1.74%)

5.24% 4.3% £199 £800 £35 £750kPurchase: Based on property

valuation Remortgage: FREE

Fee free overpayments up to 50% of original loan. Early repayment charge of 3%

applies until 31/12/2022[Remortgage only: fee assisted legals]




Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan


2.80%5 years from completion

date5.24% 4.2% £199 £800 £35 £750k


Remortgage: FREE

Fee free overpayments up to 50% of original loan. Early repayment charge of 5% applies until 5 years

from completion [Remortgage only: fee assisted legals]



FIXED EXAMPLE: A mortgage of £228,600.00 payable over 20 years initially on a fixed rate until 31/12/2022 at 2.50%, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a pay rate of 3.50% until 31/03/2026, then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 27 monthly payments of £1,215.78, followed by 39 monthly payments of £1,318.58, followed by 174 monthly payments of £1,476.50. The total amount payable would be £341,655.68 made up of the loan amount plus interest (£111,726.68), an application fee of £199, a completion fee of £800, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.3% APRC representative.


Current Rate

End DateReverting

to until 31/03/2026

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.99% 31/12/20223.50%

(SVR minus 1.74%)




applies until 31/12/2022[Remortgage only: fee assisted legals]


LATER LIFE MORTGAGES

We offer a specialised range of later life mortgages for applicants aged 50 or over. Borrowing in later life brings with it a set of unique needs as well as changing sources of income and lifestyle. We understand that people are still working well into their 60s, hold a healthy pension income, or have investments that could be used to repay a mortgage. We can accept 100% of pension income and we can consider a proportion of other forms of income when assessing affordability.

LATER LIFE 2 YEAR FIXED RATE - for purchase or remortgage up to 75% LTV

Current Rate

End DateReverting

to until 31/03/2026

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.50% 31/12/20223.50%

(SVR minus 1.74%)



Fee free overpayments up to 50% of original loan. Early repayment charge of 3% applies

until 31/12/2022 [Remortgage only: fee assisted legals]


LATER LIFE 5 YEAR FIXED RATE - for purchase or remortgage up to 75% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan



date5.24% 4.2% £199 £500 £35 £750k


Remortgage: FREE

Fee free overpayments up to 50% of original loan. Early repayment charge of 5% applies until 5 years from

completion [Remortgage only: fee assisted legals]



FIXED EXAMPLE: A mortgage of £228,600.00 payable over 20 years initially on a fixed rate until 31/12/2022 at 2.50%, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a pay rate of 3.50% until 31/03/2026, then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 27 monthly payments of £1,214.19, followed by 39 monthly payments of £1,316.86, followed by 174 monthly payments of £1,474.57. The total amount payable would be £341,249.85 made up of the loan amount plus interest (£111,580.85), an application fee of £199, a completion fee of £500, a valuation fee of £240, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 4.2% APRC representative.

DISCOUNT EXAMPLE: A mortgage of £150,000.00 payable over 15 years on our Standard Variable Rate currently at 5.24% with a discount of 2.99%, giving a current rate payable of 2.25% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £986.13, followed by 36 payments of £1,064.55, followed by 120 payments of £1,154.55. The total amount payable would be £200,990.92 made up of the loan amount plus interest (£50,001.92), an application fee of £199, a completion fee of £500, a valuation fee of £160, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.1% APRC representative.

LATER LIFE 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 75% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.25% (SVR minus

2.99%)


date

3.50% (SVR minus

1.74%)5.24% 4.1% £199 £500 £35 £750k


Remortgage: FREE

Unlimited fee free overpayments [Remortgage only: fee assisted legals]



We offer Retirement Interest Only (RIO) mortgages for applicants aged 55 or over. These mortgages may well provide a suitable alternative to equity release for

borrowers looking to fund home improvements, purchase a home to retire in or fund lifestyle purchases such as a caravan or motorhome. RIO mortgages can also be used to

gift funds to children or grandchildren.

RETIREMENTINTEREST ONLY MORTGAGES

Key features of our retirement interest only mortgages

RIO mortgage products provide additional options for borrowers aged 55 and over seeking a mortgage. With no upper age limit and no specified term, RIO borrowers can remain in their home without the burden of worrying about repaying the capital until a significant life event such as a move into long-term care or death of the last remaining borrower, if a joint mortgage is held.

Available for those who are borrowing on an interest only basis and have a minimum equity of £150,000. It is recommended that all customers borrowing beyond 75 have registered a lasting power of attorney for property and financial affairs. All borrowers aged 75 and over at the start of the mortgage contract must first seek independent legal advice.

RIO 2 YEAR FIXED RATE - for purchase or remortgage up to 50% LTV

Current Rate

End DateReverting

to until 31/03/2026

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.99% 31/12/20223.50%

(SVR minus 1.74%)



Fee free overpayments up to 50% of original loan. Early repayment charge of 3% applies until 31/12/2022 [Remortgage only:

fee assisted legals]




FIXED EXAMPLE: An interest only mortgage of £130,000.00 payable over 40 years initially on a fixed rate until 31/12/2022 at 2.99%, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a pay rate of 3.50% until 31/03/2026, then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 27 monthly payments of £325.25., followed by 39 monthly payments of £380.74, followed by 414 monthly payments of £569.95. The total amount payable would be £390,618.91 made up of the loan amount plus interest (£ 259,589.91), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 4.9% APRC representative.

DISCOUNT EXAMPLE: An interest only mortgage of £130,000.00 payable over 40 years on our Standard Variable Rate currently at 5.24% with a discount of 2.49%, giving a current rate payable of 2.75% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £299.14, followed by 36 payments of £380.72, followed by 420 payments of £569.99. The total amount payable would be £391,310.08 made up of the loan amount plus interest (£260,281.08), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.9% APRC representative.

RIO 3 YEAR FIXED RATE - for purchase or remortgage up to 50% LTV

Current Rate

End DateReverting

to until 31/03/2026

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


3.10% 31/12/20233.50%

(SVR minus 1.74%)



Fee free overpayments up to 50% of original loan. Early repayment charge of 3% applies until 31/12/2023 [Remortgage only:

fee assisted legals]


RIO 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 50% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.75% (SVR minus

2.49%)


date

3.50% (SVR minus

1.74%)5.24% 4.2% £199 £500 £35 £500k


Remortgage: FREE

Unlimited fee free overpayments [Remortgage only: fee assisted legals]


SELF BUILD & RENOVAT IONMORTGAGES

Ever thought about building your own home? It may be easier than you think! Self build mortgages work differently from house purchase mortgages or remortgages. Rather than giving you all the cash upfront, we release it in stages as your build progresses. These stages may include buying the land right up to decorating the interior – and all things in between. Building your home can be an incredible experience, and at the same time, a challenging one.

Key features of our self build mortgages

Flexibility for allRather than giving you all of your funds upfront, we release the money at different stages of your build so you don’t pay interest on the whole amount all at once Multiple Construction types welcomeWe know houses, just like people, come in all shapes and sizes. We can consider a range of construction types as well as the ‘yet to be built’. Plus, we can consider projects using modern or unconventional methods of construction*

Free switching after the build Once the build is complete you can switch penalty-free to any of our standard residential loyalty products for existing customers

Renovations or conversion? No problem! Self build mortgages aren’t just about building a brand new home - if you’re making significant renovations or building an extension to your property we may be able to help

* Where these are BOPAS approved - visit www.bopas.org for more information

SELF BUILD 2 YEAR DISCOUNT RATE - for remortgage up to 80% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


3.99% (SVR minus

1.25%)


date

4.24% (SVR minus

1.00%)5.24% 4.9% £199 £1,000 £35 £750k Based on property valuation

Fee free overpayments up to 50% of original loan. Early repayment charge of 3% applies

until 1 year from completion




A mortgage of £330,000.00 payable over 25 years on our Standard Variable Rate currently at 5.24% with a discount of 1.25%, giving a current rate payable of 3.99% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1%, giving a rate payable of 4.24% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £1,745.50, followed by 36 payments of £1,788.36, followed by 240 payments of £1,946.18. The total amount payable would be £573,940.16 made up of the loan amount plus interest (£242,321.16), an application fee of £199, a completion fee of £1,000, a valuation fee of £290, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.9% APRC representative.

A Buy to Let mortgage is used when a property is to be let out to tenants. The mortgage holder becomes a landlord and collects rent from the tenant. We want to support people who are entering the Buy to Let market for the first time as first-time landlords as well as those who have small portfolios of up to three properties. We don’t lend to larger, commercial investors or landlords who hold their properties in a company or business.

BUY TO LETMORTGAGES


DISCOUNT EXAMPLE: A mortgage of £305,000.00 payable over 25 years initially on our Standard Variable Rate currently at 5.24% with a discount of 2.25% for 24 months, giving a current rate payable of 2.99%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,449.42, followed by 276 monthly payments of £1,803.94. The total amount payable would be £533,237.52 made up of the loan amount plus interest (£226,688.52), an application fee of £199, a completion fee of £950, a valuation fee of £270, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 5.0% APRC representative.

BUY TO LET 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan


2.99% (SVR minus

2.25%)


date5.24% 5.0% £199 £950 £35 £500k


Remortgage: FREE



Product codes: STD - 24078, 24079 TSL - 24080, 24081

We’re able to help applicants to buy or remortgage a holiday let property which is located in our heartland

area. Applicants must already own or mortgage their own residential property. We welcome first time landlords aged 30+, or for existing landlords our minimum age is 21. We

don’t lend to investors with more than three properties or commercial landlords.

HOLIDAY LET MORTGAGES



FIXED EXAMPLE: A mortgage of £183,000.00 payable over 25 years initially on a fixed rate until 31/12/2022 at 3.25%, and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 27 monthly payments of £896.59 followed by 273 monthly payments of £1,085.04. The total amount payable would be £320,897.85 made up of the loan amount plus interest (£136,438.85), an application fee of £199, a completion fee of £950, a valuation fee of £180, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 5.0% APRC representative.

DISCOUNT EXAMPLE: A mortgage of £305,000.00 payable over 25 years initially on our Standard Variable Rate currently at 5.24% with a discount of 2.25% for 24 months, giving a current rate payable of 2.99%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,449.42, followed by 276 monthly payments of £1,803.94. The total amount payable would be £533,237.52 made up of the loan amount plus interest (£226,688.52), an application fee of £199, a completion fee of £950, a valuation fee of £270, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 5.0% APRC representative.

HOLIDAY LET 2 YEAR FIXED RATE - for purchase and remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan


3.25% 31/12/2022 5.24% 5.0% £199 £950 £35 £500kPurchase: Based on property


Fee free overpayments up to 50% of original loan. Early repayment charge of 3% applies until 31/12/2022

[Remortgage only: fee assisted legals]


HOLIDAY LET 5 YEAR FIXED RATE - for purchase and remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan



date5.24% 4.8% £199 £950 £35 £500k


Remortgage: FREE




HOLIDAY LET 2 YEAR DISCOUNT RATE - for purchase and remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan


2.99% (SVR minus

2.25%)


date5.24% 5.0% £199 £950 £35 £500k


Remortgage: FREE




EXPATBUY TO LET MORTGAGES

If you’re living and working abroad and looking to rent out your UK home or invest in the UK property market, consider one of our Buy to Let expat mortgages. On our expat Buy to Let products we’re able to consider applicants paid in a foreign currency and we can also accept self employed applicants. First time landlords are acceptable, but you must either hold a mortgage or have done so in the past.

Key features of our expat Buy to Let mortgages

• Available for UK nationals for properties located in England and Wales• Applicants paid in a foreign currency acceptable• Top slicing: For applicants paid in £ Sterling we can use personal income to make up any

shortfall in rental cover requirements (on discount product only)• Self employed applicants considered (subject to acceptable accounts)

EXPAT BUY TO LET 5 YEAR FIXED RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan



date5.24% 4.8% £199 £999 £35 £750k Based on property valuation


from completion



FIXED EXAMPLE: A mortgage of £183,000.00 payable over 25 years initially on a fixed rate of 3.80% for 60 months and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 60 monthly payments of £951.19, followed by 240 monthly payments of £1,075.41. The total amount payable would be £315,643.80 made up of the loan amount plus interest (£131,135.80), an application fee of £199, a completion fee of £999, a valuation fee of £180, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.8% APRC representative.

DISCOUNT EXAMPLE: A mortgage of £305,000.00 payable over 25 years initially on our Standard Variable Rate currently at 5.24% with a discount of 1.99% for 24 months, giving a currentrate payable of 3.25%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,491.35, followed by 276 monthly payments of£1,807.77. The total amount payable would be £535,300.92 made up of the loan amount plus interest (£228,702.92), an application fee of £199, a completion fee of £999, a valuation fee of£270, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 5.0% APRC representative.

EXPAT BUY TO LET 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan


3.25% (SVR minus

1.99%)




from completion

Product codes: STD - 24074,24075 TSL - 24076, 24077

If you’re thinking of making the move abroad and want to retain the mortgage on your home while your family still reside there, one of our residential expat mortgages may be suitable. Applicants must be employed by an internationally recognised firm, paid in £ Sterling or an accepted foreign currency (see below for full list). Retired applicants are also considered. These products are not suitable for those looking to rent out their UK property.

EXPATRESIDENT IAL MORTGAGES

Key features of our expat residential mortgages

• Employed applicant(s) must be paid 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

• Retired applicants considered• For properties located in England and Wales• Applicant(s) must be employed by an internationally recognised firm

EXPAT RESIDENTIAL 2 YEAR FIXED RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting

to until 31/03/2026

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.75% 31/12/20223.50%

(SVR minus 1.74%)

5.24% 4.3% £199 £800 £35 £750k Based on property valuationFee free overpayments up to 50% of

original loan. Early repayment charge of 3% applies until 31/12/2022


EXPAT RESIDENTIAL 5 YEAR FIXED RATE - for purchase or remortgage up to 80% LTV

Current Rate

End DateReverting

to SVR currently

APRC*Application

FeeCompletion

FeeCHAPS

FeeMax Loan





from completion




FIXED EXAMPLE: A mortgage of £228,600.00 payable over 20 years initially on a fixed rate until 31/12/2022 at 2.75%, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a pay rate of 3.50% until 31/03/2026, then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 27 monthly payments of £1,243.92, followed by 39 monthly payments of £1,321.68, followed by 174 monthly payments of £1,479.97. The total amount payable would be £343,140.14 made up of the loan amount plus interest (£113,262.95), an application fee of £199, a completion fee of £800, a valuation fee of £200, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.3% APRC representative.

DISCOUNT EXAMPLE: A mortgage of £150,000.00 payable over 15 years on our Standard Variable Rate currently at 5.24% with a discount of 2.74%, giving a current rate payable of 2.50% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £1,005.75, followed by 36 payments of £1,069.04, followed by 120 payments of £1,159.41. The total amount payable would be £202,206.64 made up of the loan amount plus interest (£50,917.64), an application fee of £199, a completion fee of £800, a valuation fee of £160, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.2% APRC representative.

EXPAT RESIDENTIAL 2 YEAR DISCOUNT RATE - for purchase or remortgage up to 80% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan


2.50% (SVR minus

2.74%)


date

3.50% (SVR minus

1.74%)5.24% 4.2% £199 £800 £35 £750k Based on property valuation


applies until 2 years from completion


ADDIT IONAL BORROW ING

Mortgages for existing customersIf you have a mortgage with us and are looking to borrow more, an additional borrowing mortgage might be the ideal route. You can use this to finance large purchases such as home improvements.

FOR EXIST ING CUSTOMERS

ADDITIONAL BORROWING 2 YEAR FIXED RATE - up to 90% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan

Valuation Fee

Additional Information


date

3.50% (SVR minus

1.74%)5.24% 4.6% £199 £125 £35 £500k N/A

Fee free overpayments up to 50% of original loan Early repayment charge of 3% applies until 2 years

from completion

A mortgage of £105,000.00 payable over 22 years initially on a fixed rate of 3.50% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £571.73, followed by 36 payments of £571.71, followed by 204 payments of £651.12. The total amount payable would be £167,425.56 made up of the loan amount plus interest (£61,971.56), an application fee of £199, a completion fee of £125, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.6% APRC representive.

Product code: 79008

ADDITIONAL BORROWING 2 YEAR DISCOUNT RATE - up to 90% LTV

Current Rate


Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan

Valuation Fee


3.25% (SVR minus

1.99%)


date

3.50% (SVR minus

1.74%)5.24% 4.5% £199 £125 £35 £500k N/A

Fee free overpayments up to 50% of original loan Early repayment charge of 1% applies until 2 years

from completion

A mortgage of £105,000.00 payable over 22 years on our Standard Variable Rate currently at 5.24% with a discount of 1.99%, giving a current rate payable of 3.25% for 24 months, then on our Standard Variable Rate currently at 5.24% with a discount of 1.74%, giving a rate payable of 3.50% for 36 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £558.08, followed by 36 payments of £570.62, followed by 204 payments of £649.88. The total amount payable would be £166,805.76 made up of the loan amount plus interest (£61,351.76), an application fee of £199, a completion fee of £125, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.5% APRC representive.

Product code: 78006

ADDITIONAL BORROWING STANDARD VARIABLE RATE - up to 90% LTV

Current Rate

Reverting to SVR

currentlyAPRC* End Date

Application Fee

Completion Fee

CHAPS Fee

Max Loan

Valuation Fee


5.24%(SVR)

5.24% 5.4%For the life of the loan

£199 £125 £35 £500k N/A Unlimited fee free overpayments

A mortgage of £105,000.00 payable over 22 years on our Standard Variable Rate currently at 5.24% for the term of the mortgage would require 264 monthly payments of £671.88.The total amount payable would be £177,670.32 made up of the loan amount plus interest (£72,216.32), an application fee of £199, a completion fee of £125. a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 5.4% APRC representive.

Product code: 83007

ADDITIONAL BORROWING (BUY TO LET) DISCOUNT RATE & STANDARD VARIABLE RATE - up to 80% LTV

Product TypeCurrent

RateEnd Date

Reverting to SVR

currentlyAPRC*

Application Fee

Completion Fee

CHAPS Fee

Max Loan

Valuation Fee


Discount Rate

3.75% (SVR minus 1.49%)


date5.24% 5.20% £199 £125 £35 £500k N/A

Fee free overpayments up to 50% of original loan Early repayment charge of 1% applies until 2 years from

completion

Standard Variable Rate

5.24%(SVR)

For the life of the loan

5.24% 6.0% £199 £125 £35 £500k N/A Unlimited fee free overpayments

A mortgage of £22,000.00 payable over 10 years on our Standard Variable Rate currently at 5.24% with a discount of 1.49%, giving a current rate payable of 3.75% for 24 months, followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 24 monthly payments of £221.74, followed by 96 payments of £234.60. The total amount payable would be £28,137.36 made up of the loan amount plus interest (£5,683.36), an application fee of £199, a completion fee of £125, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 5.2% APRC representive. Product code: Discount Rate - 78007, SVR - 82004

ADDITIONAL BORROWING (SELF BUILD) STANDARD VARIABLE RATE - up to 80% LTV

Current Rate

Reverting to SVR

currentlyAPRC* End Date

Application Fee

Completion Fee

CHAPS Fee

Max Loan

Valuation Fee


5.24%(SVR)

5.24% 5.5%For the life of the loan

£199 £125 £35 £500k N/A Unlimited fee free overpayments

A mortgage of £49,000.00 payable over 29 years on our Standard Variable Rate currently at 5.24% would require 348 monthly payments of £275.04. The total amount payable would be £96,007.92 made up of the loan amount plus interest (£46,553.92), an application fee of £199, a completion fee of £125. a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 5.5% APRC representive.

Product codes: 83008

IMPORTANT INFORMATION

Who is eligible?Our mortgage products are available to applicants aged 18 and over. We have no maximum age limit. We lend on properties throughout England and Wales - we do not lend in Scotland or NI

Property typesFREEHOLD - Almost all properties consideredLEASEHOLD - Minimum 85 years left on lease at the start of your mortgage. For a new build house this is a minimum of 250 years and for new build flats it is a minimum of 125 years. We are unable to accept age restricted properties.

Mortgage term Minimum term 5 years, maximum term 40 years. For Buy to Let, the maximum term is 30 years

Loan size The minimum loan for new residential lending is £25,000. For large loan products this is £500,000, for shared ownership £50,000 and for Buy to Let £75,000. For existing members seeking additional borrowing the minimum loan is £10,000 and the maximum loan will be £100,000 - we may be able to lend above this on a by-exception basis.See individual product details for any change to this information.

Status First charge over the property is required. All loans subject to status and valuation

Right to Buy / Right to Acquire Available on all products except Specialist, Expat, BTL and Shared Ownership. Additional funds can be borrowed for home improvements only. Maximum LTV 75% of open market value 100% of discounted purchase price considered Interest Interest is calculated on a daily basis. Additional payments over and above the monthly repayment immediately results in a reduction of the amount on which interest is charged Repayment methods Loans can be taken on a repayment, interest only or part repayment/part interest only basis. Interest only elements are subject to a satisfactory repayment strategy being in place

Early Repayment Charge (ERC)Some of our products have an early repayment charge - full details are overleaf. Where a loan is redeemed as a result of the death of a borrower there will be no early repayment charge

Higher Lending Charge (HLC)From time to time, we may decide to charge a higher lending fee. If this is the case it will be indicated in the ‘Higher Lending Charge’ column on the inside of this leaflet

Home insuranceIf your property is freehold, you will be required to take out buildings insurance to insure your property against the usual perils. The Society will be happy to provide quotations for this insurance but if you wish you can arrange your own cover. A copy of the policy and schedule must be supplied to your Solicitor before completion

Borrowing for home improvementsYou can apply once you have owned your home for 6 months, subject to our standard lending policy

Borrowing for capital raising providing:• We do not currently lend to remortgage for debt consolidation purposes

Purchase price/Estimated value

Not exceeding (£)

Standard Mortgage

Valuation (£)

Standard Remortgage Valuation (£)

Homebuyer Report (£)

50,000 £80.00 £135.00 £230.00

100,000 £115.00 £135.00 £305.00

150,000 £125.00 £135.00 £365.00

200,000 £160.00 £135.00 £420.00

250,000 £180.00 £135.00 £475.00

300,000 £200.00 £135.00 £525.00

350,000 £240.00 £135.00 £575.00

400,000 £270.00 £135.00 £615.00

450,000 £290.00 £135.00 £660.00

500,000 £315.00 £135.00 £775.00

Over 500,000 On request On request On request

Monthly payments Payments will be taken from your bank or building society account on or shortly after the 1st of each month. If completion takes place within 10 days of the month end then your first full monthly mortgage payment will be collected by Direct Debit 10 days after this completion date. Thereafter all future payments will be requested on 1st of the month for the remainder of the mortgage term. Please speak to us for details of alternative payment dates

Property valuation Where a product provides a ‘FREE’ valuation, we will pay for a standard mortgage valuation only, provided our nominated valuer is used. Where a product states ‘fee assisted legals’ we will pay for standard remortgage work only, provided our nominated solicitor is used. If you choose to use your own solicitor the legal fee will be payable.

Product Lending Criteria Buy to Let lending criteria• Maximum portfolio 3 properties including new application• Total loan to individual/joint borrowers not to exceed £750,000, max LTV 80%• 145% rental cover required on existing portfolio• No new build, studio, basement or ex-local authority flats or maisonettes• Properties must not be houses of multiple occupation (HMOs) which require licensing• Properties must be let on an approved Assured Shorthold Tenancy• The let will be to an individual (includes couples and families) but not to a company or business • The buildings insurance policy must provide a minimum of £1,000,000 public liability cover• Multi-lets and student lets are not acceptable• The property must have a valid Energy Performance Certificate (EPC) minimum Grade E• Must be let by an ARLA registered agent Buy to Let applicants must:• Currently or have previously owned their own home• Be a UK resident• Not be in arrears with any mortgage they currently have • Be in receipt of income from employment/self employment, pension or investment• Have a minimum income of £25,000. In the case of joint applicants, one applicant must have the minimum required

figure

Self employed lending criteria - All of our standard mortgage products are available to self employed applicants with 2 years or more accounts- Day rate contractors assessed as self employed using income declared on tax overviews and tax calculations.- Our contractor product excludes CIS scheme

Self build lending criteria• Maximum LTV is 80%• Money released in stages - no set stages. £100 stage release fee applies• Penalty free switch to residential retention product once the build is complete• Lend on properties built using Modern Methods of Construction (MMC) where the scheme is BOPAS registered• The build must be supervised by a qualified person

Expat residential lending criteria• Maximum loan £750,000• Applicant(s) must be paid in one of the following currencies; £ Sterling, Euro, Swiss Franc, Norwegian Krone, US

Dollar, Candian Dollar, Singapore Dollar, Hong Kong Dollar, UAE Dirham, Kuwaiti Dinar, Qatari Riyal• Minimum income £40,000 (GBP equivalent)• Retired applicants considered• For purchase or remortgage of a property based in England and Wales• Most countries of residence considered except those that are UN sanctioned• Applicants must be employed by recognised international employer (large multinational firm)

Expat Buy to Let lending criteria• Maximum loan £750,000• Applicant can be paid in any currency - minimum income £40,000 or GBP equivalent• For purchase or remortgage of a property based in England and Wales• Top slicing: we can take £ Sterling income only and utilise this to ‘top-up’ or address any shortfall where rental cover

requirements are not met (on discount product only). For joint applications our minimum income required is £65,000 or GBP equivalent

• Most countries of residence considered except those that are UN sanctioned• Self employed considered on a case by case basis• Applicants must be employed by recognised international employer with a UK presence

Retirement Interest Only lending criteria• All borrowers aged 75 and over at the start of the mortgage contract must first seek independent legal advice• Maximum loan £500,000 and minimum loan £25,000• Must be aged 55 or over • It is recommended that all customers borrowing beyond 75 have registered a lasting power of attorney for property and financial affairs

This is not an exhaustive list of lending criteria in relation to our mortgage products and is subject to change. To see if you may be eligible for one of our mortgages or to discuss your needs, speak to a member of the team on 0330 123 0773 for free, no-obligation advice.Criteria correct as at 10 September 2020

APPLICATION FEEThis is a fee charged by us that must be paid upon application, and is non-refundable.

(APRC) ANNUAL PERCENTAGE RATE OF CHARGE The annual rate charged for borrowing expressed as a percentage over the term of the loan. This can be used to easily compare the cost of different mortgages.

BTL (BUY TO LET)This is when you own a property (either outright or with a mortgage) that you are notliving in and is being let out to tenants.

CHAPS FEEThis is a fee charged by us to cover the cost of releasing funds to your Solicitor.

COMPLETION FEEThis is a fee charged by us and paid upfront or added to the mortgage.

ERC (EARLY REPAYMENT CHARGE)This is a fee payable if you exceed the overpayment terms on your mortgage. You can overpay up to 50% on most of our mortgage products before an Early Repayment Charge becomes payable.

ESIS (EUROPEAN STANDARDISED INFORMATION SHEET)If you apply for a mortgage with us, you will receive this document outlining the key features and terms of your proposed mortgage. This replaced the Key Facts Illustration (KFI) as part of the implementation of the European Mortgage Credit Directive in 2015.

HLC (HIGHER LENDING CHARGE)A fee that may be payable on high LTV loans - we generally do not charge an HLC on our mortgage products although this is subject to change at any time.

LTV (LOAN TO VALUE)The amount of deposit put down on a property compared to the purchase price. For example, for a mortgage application where the value of the property is £200,000 and the applicant has a deposit of £20,000, the Loan to Value would be 90%. LTV is one of the factors used to determine what products you may eligible for - generally, a lower LTV means you may be able to access a lower rate of interest.

REPRESENTATIVE EXAMPLENew legislation in 2016 means that a representative example is now supplied alongside all mortgage products. This is a purely representative set of figures based on the market average and will differ from your individual circumstances. It shows the representative APRC and a breakdown of monthly payments based on the mortgage product you have selected, alongside the amount of interest payable and the total overall amount payable to the lender.

SVR (STANDARD VARIABLE RATE)The baseline variable interest rate charged by a mortgage lender. This is affected by, though not contingent on, changes to the Bank of England Base Rate. Each lender sets their own SVR depending on the needs of their business. Once your mortgage products comes to an end you will automatically revert to SVR unless you have selected a new follow-on product.

VALUATION FEEA fee charged by us in order to obtain a suitable valuation on the property you are looking to purchase. We may offer a free valuation on some of our remortgage products

Mortgages - jargon busterAre you struggling to know your APRC from your ERC? Mortgages can be confusing, so we’ve provided a jargon buster to help you make sense of some of the key terms relating to your mortgage.

PO Box 547 Ipswich IP3 9WZ0330 123 0773 [email protected] www.ibs.co.uk

Applicants must be aged 18 or over. Subject to status and valuation. Fees apply. Contact us for full details in branch, by telephone or visit our website. It will be made clear from the outset that we only offer a fully advised sales process on our own mortgages and that there are no fees for our advice.

Ipswich Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered on the Financial Services Register, Firm Registration Number (FRN) 104875.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON

YOUR MORTGAGE.MOR3 09/20

We help all types of people with all

types of mortgages, throughout

England and Wales.

We understand life doesn’t always come neatly packaged, so we use

real people to assess your situation and offer a fully advised service on our mortgages, with no fees for our

advice.

Documents

MORTGAGE - ibs.co.uk · MORTGAGES There are different types of variable rate mortgages. These include Standard Variable Rate, discount and tracker rate mortgages. With these types