Clients borrowing into later life? New options from Ipswich Building Society.

Since the implementation of the Mortgage Market Review (MMR) in 2014, borrowers in their mid-forties and above found they had a reduced choice of mortgage products in the UK. This, coupled with updates to state pension and retirement laws, has significantly changed the borrowing patterns of the older population.

At Ipswich Building Society we have a wealth of experience in dealing with older customers, who contribute to a large percentage of our existing saving and borrowing members.  We have already removed a maximum age on our entire product range,  and now we’ve introduced new, tailored products to offer further support to those aged 50+ wishing to purchase a property or remortgage their existing home.

How we can help

Here’s what we can do for clients aged 50 and over:

  • No maximum age limit
  • 5 to 40 year term
  • Three deals available up to 75% LTV:
    • 2 year discount at current pay rate of 2.35% – with no ERC
    • 2 year fixed rate at 2.75%, with 50% fee free overpayments
    • 5 year fixed rate at 3.50%, with 50% fee free overpayments
  • Interest only up to 50% LTV (minimum equity £150k)
  • 100% of pension income accepted, investment income considered
  • Retirement affordability calculator to do the number crunching so you don’t have to

For clients working and looking to borrow into retirement, we accept:

  • Self employed manual or employed income to age 70 or declared pension age if lower
  • Self employed non-manual income to age 75

What’s more, all of this is underpinned by our expert underwriting – where we use real people to make our lending decisions, instead of computers. This means we can take personal circumstances into account and make a truly individual assessment of your client.

Get in touch

We are delighted to work with intermediaries through the Right Mortgage network. Our products are available to all appointed representatives, plus DA’s based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.

We’d love to speak to you. Give us a ring on 0330 123 1073 – our experienced Business Development team are waiting for your call. Don’t forget you can submit your cases to us online by registering with our panel.