All of Ipswich Building Society’s deals are available up to a 40-year term, with the exception of buy to let. How could your client benefit from taking out a longer term mortgage? Read on to find out…

40-year mortgages have been growing in popularity over the last 5 years, with the number available increasing by 13% since 2014 according to Moneyfacts. We’ve seen more and more borrowers opting for a 40-year term at the outset of their loan, which has a number of benefits compared to the shorter 25-year mortgage typically seen as the norm:

Lower monthly payments

Let’s start with an obvious one. The monthly repayments will be lower when your client is borrowing over a longer term, although of course more interest will be payable. This can particularly help first time buyers who are learning to budget and may now be discovering all of the associated bills which come with home ownership and responsibility!

Reduced affordability assessment

We carry out the affordability assessment on the monthly repayments, so a lower monthly payment can equal a less onerous affordability calculation. Crucially this could mean your client is more likely to be accepted for their loan and can be especially useful for first time buyers early on in their careers, or older borrowers using pension (accepted to 100%) or investment (75%) incomes.

Later life planning

For older clients our no maximum age restriction means they can effectively borrow until the end of their life, creating an affordable retirement option where the outstanding loan is repaid from the sale of the property.

You can find details on our website or give us a call on 0330 123 1073.

** For first time buyer clients take a look at our five-year fixed rate deal at 2.99% until 30.09.2024, offered up to 95% LTV with £499 fees and NO stressed affordability calculation required **

If you’ve got a case in mind speak to us:

Andrew Sadler, Senior Business Development Manager
E: bdt@ibs.co.uk
T: 0330 123 1073
W: www.ipswich-intermediaries.co.uk

Don’t forget you can submit your cases to us online by registering with our panel.

Available to all Right Mortgage Network appointed representatives, plus DA’s based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.

Details correct as at 15 July 2019