Here are the latest updates from the Ipswich Building Society. These products are available via our direct to lender mortgage club which offers you payment on completion as well as specialist mortgage support and more. Click here for a full list of Ipswich products.
Lender Announcement
We have made some changes to our criteria!
We have taken the decision to remove our ‘Covid specific’ criteria page from our website and embed it as part of our standard criteria hopefully to help brokers find the information needed quickly.
We will of course update all relevant criteria systems.
<80% LTV | >80% LTV | |
Payment holidays
| No payment Holidays within the last 3 months
| No payment Holidays within the last 3 months
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Furlough
| Accept furlough up to 80% LTV – we will accept the furlough maximum (60%) but no additional top up from employers
| No furloughed applicants above 80% LTV
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Self Employed Grant | We will accept applicants who have taken either the 1st or 2nd Grant only – anyone who has taken a Grant since the 19th October, their income will not be accepted |
Grants not accepted |
Government Support Loan
| Applicants who have taken the government support loans will not be accepted
| Applicants who have taken the government support loans will not be accepted
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Self-employed applicants | Self-employed income – we will use the higher of Net Profit after Tax or Salary & Dividends, using an average of the last 2 years (unless the most recent year’s is lower – then we will use the lowest).
| Self-employed income – we will use the higher of Net Profit after Tax or Salary & Dividends, using an average of the last 2 years (unless the most recent year’s is lower – then we will use the lowest).
Not acceptable on the 90% LTV Products
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Day rate contractors
| 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.
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Assessed as self-employed – SA302’s/Tax Calcs
Not acceptable on the 90% LTV Products
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Bonus/Commission/Overtime | 50% of Bonus/Commission/Overtime – same rules as standard policy
| 50% of Bonus/Commission/Overtime – same rules as standard policy
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