Brilliant Solutions

Ipswich Update

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

 

 

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

 

 

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

 

 

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

 

 

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.

 

 

Assessed as self-employed – SA302’s/Tax Calcs

 

Not acceptable on the 90% LTV Products

 

 

Bonus/Commission/Overtime

50% of Bonus/Commission/Overtime – same rules as standard policy

    • If guaranteed 100% but needs to be evidenced in contract

50% of Bonus/Commission/Overtime – same rules as standard policy

    • If guaranteed 100% but needs to be evidenced in contract
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