FEEDBACK

0330 123 0773

Sub Menu

Mortgages for later in life

At Ipswich Building Society, we’re pleased to offer a mortgage range for those looking to purchase a property or remortgage their existing home aged 50 and over. Borrowing in later life brings with it a set of unique needs as well as changing sources of income and lifestyle, which our underwriters can take into consideration when dealing with mortgage applications from older borrowers.

With no maximum age restriction and up to a 40 year term, we can offer loans available on an interest only basis up to 50% Loan To Value (LTV) providing there is a minimum of £150,000 equity in the property. For borrowers seeking capital and interest repayment, we’re able to consider applications up to 75% LTV.

Enabling borrowing into later life

At Ipswich Building Society, we understand that people are still working well into their 60s, hold a healthy pension income, or have investments or inheritance that could be used to repay a mortgage. Our Retirement Mortgage Programme means we can accept 100% of an older borrower's pension and our manual underwriting process means we can consider a proportion of other forms of income when assessing affordability.

Our older borrower mortgage products

Later Life 2.35% 2 Year Discount Rate 75% LTV

About
Fees
Apply
Download Comparison
  • VARIABLE RATE of 5.49% with a discount of 3.14% for 2 years from completion, giving a payable rate of 2.35% then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 5.2% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purcase and remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £142,500.00 payable over 35 years initially on our Standard Variable Rate currently at 5.49% with a discount of 3.14% for 24 months, giving a current rate payable of 2.35%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £499.92 and 396 monthly payments of £753.31.
The total amount payable would be £310,762.84 made up of the loan amount plus interest (£167,273.84), 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. This example assumes the completion fee and mortgage funds release fee are added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.2% APRC representative.

[This representative example is based on assumptions that the loan would start from 29 May 2018]  

11070, 67098, 67099

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£500 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k

Unlimited fee-free overpayments
No early repayment charge

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.

Later Life 2.75% 2 Year Fixed Rate 75% LTV

About
Fees
Apply
Download Comparison
  • FIXED RATE of 2.75% until 30/09/2020, then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 5.1% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purcase and remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £189,000.00 payable over 25 years initially on a fixed rate until 30/09/2020 at 2.75% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 28 monthly payments of £874.35, followed by 272 monthly payments of £1,137.75.
The total amount payable would be £334,443.80 made up of the loan amount plus interest (£144,414.80), 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. This example assumes the mortgage funds release fee is added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.1% APRC representative.
[This representative example is based on assumptions that the loan would start from 29 May 2018]

15091, 72126, 72127

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£500 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2020
Overpayment of 50% or above - Early repayment charge is 3% of the overpayment
Redemption - Early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.

Later Life 3.50% 5 Year Fixed Rate 75% LTV

About
Fees
Apply
Download Comparison
  • FIXED RATE of 3.50% until 30/09/2023, then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 4.8% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for purchase and remortgage

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £189,000.00 payable over 25 years initially on a fixed rate until 30/09/2023 at 3.50% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 64 monthly payments of £948.86, followed by 236 monthly payments of £1,121.92.
The total amount payable would be £325,994.16 made up of the loan amount plus interest (£135,965.16), 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. This example assumes the mortgage funds release fee is added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 4.8% APRC representative.
[This representative example is based on assumptions that the loan would start from 29 May 2018]

15095, 72131, 72132

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£500 £199 Purchase: based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £500k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2023
Overpayment of 50% or above - Early repayment charge is 5% of the overpayment
Redemption - Early repayment charge is 5% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Key features of our mortgages into later life

  • Available to direct customers across England and Wales
  • At least one borrower must be aged at least 50 at the start of the loan
  • Available for loans up to 75% LTV
  • Interest only up to 50% LTV, provided there is at least £150,000 equity in the property
  • Minimum term 5 years, maximum term 40 years
  • Loans are available from £25,000 to £500,000
  • No maximum age limit

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

Your home may be repossessed if you do not keep up repayments on your mortgage.