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Like for Like Remortgages

You'll most likely be familiar with industry-wide affordability assessments, applying a stressed interest rate to applications. For many existing mortgage holders this could mean they find it difficult to move to a new lender - something the FCA is working to solve.

However, we're able to bring you a range of new like-for-like remortgage products which utilise existing regulation to calculate affordability on the product pay rate only, meaning the mortgage may now be deemed more affordable for your client than when applying a stressed rate.

These products may be well suited to borrowers struggling to move away from their current lender or so-called mortgage prisoners.

Our like-for-like remortgages are available to borrowers who:

- Have been with their current lender for at least two years

- Have a good credit and regular payment history

- Are not borrowing more than their current loan

- Are borrowing 4.5x income or less

- Are not seeking any material change to their circumstances (i.e repayment type, term or parties to the mortgage)

LIKE-FOR-LIKE 2.55% Residential 2 Year Discount Rate 80% LTV

About
Fees
Apply
Representative Example
  • VARIABLE RATE of 5.74% with a discount of 3.19% until 2 years from completion date, then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.5% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for remortgage ONLY
  • Applicants must have been with their current lender for 2 years or more, not be borrowing more than their current loan and have a good credit history

67134, 67135

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
£800 £199 FREE (up to max property value £1m) - £35 £750k

Fee assisted legals

Fee free overpayments up to 50% of original loan amount

Overpayment of 50% or above - early repayment charge is 1% of the overpayment

Early redemption - early repayment charge is 1% of the original loan amount

Early Repayment Charge period ends 2 years from completion date

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.

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 on our Standard Variable Rate currently at 5.74% with a discount of 3.19%, giving a current rate payable of 2.55% for 24 months and then our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £513.26 followed by 396 monthly payments of £773.81. The total amount payable would be £319,876.00 made up of the loan amount plus interest (£176,247.00), an application fee of £199, a completion fee of £800, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.5% APRC representative.

[This representative example is based on assumptions that the loan would start from 18 June 2019]

 

 


LIKE-FOR-LIKE 2.80% Residential 2 Year Fixed Rate 80% LTV

About
Fees
Apply
Representative Example
  • FIXED RATE of 2.80% until 30 September 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.3% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for remortgage ONLY
  • Applicants must have been with their current lender for 2 years or more, not be borrowing more than their current loan and have a good credit history

72215, 72216

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
£800 £199 FREE (up to max property value £1m) - £35 £750k

Fee assisted legals

Fee free overpayments up to 50% of original loan amount

Overpayment of 50% or above - early repayment charge is 3% of the overpayment

Early redemption - early repayment charge is 3% of the original loan amount

Early Repayment Charge period ends 30 September 2021

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.

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 of 2.80% until 30 September 2021 and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £876.72 followed by 273 monthly payments of £1,161.88. The total amount payable would be £341,993.68 made up of the loan amount plus interest (£151,864.68), an application fee of £199, a completion fee of £800, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.3% APRC representative.

[This representative example is based on assumptions that the loan would start from 14 June 2019]

 

 


LIKE-FOR-LIKE 2.50% Later Life 2 Year Discount Rate 75% LTV

About
Fees
Apply
Representative Example
  • VARIABLE RATE of 5.74% with a discount of 3.24% until 2 years from completion date, then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for remortgage ONLY
  • Applicants must have been with their current lender for 2 years or more, not be borrowing more than their current loan and have a good credit history

67130, 67131

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 FREE (up to max property value £1m) - £35 £750k

Fee assisted legals

Unlimited fee-free overpayments

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.

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 5.74% with a discount of 3.24% for 24 months, giving a current rate payable of 2.50%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £509.43 and 396 monthly payments of £773.53. The total amount payable would be £319,373.20 made up of the loan amount plus interest (£176,044.20), an application fee of £199, a completion fee of £500, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.4% APRC representative.

[This example is based on assumptions that the loan would start from 7 May 2019]

 


LIKE-FOR-LIKE 2.75% Later Life 2 Year Fixed Rate 75% LTV

About
Fees
Apply
Representative Example
  • FIXED RATE of 2.75% until 30 September 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.3% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for remortgage ONLY
  • Applicants must have been with their current lender for 2 years or more, not be borrowing more than their current loan and have a good credit history

72213, 72214

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 FREE (up to max property value £1m) - £35 £750k

Fee assisted legals

Fee free overpayments up to 50% of original loan amount

Overpayment of 50% or above - early repayment charge is 3% of the overpayment

Early redemption - early repayment charge is 3% of the original loan amount

Early Repayment Charge period ends 30 September 2021

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.

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 30/09/2021 at 2.75% and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £871.88, followed by 273 monthly payments of £1,161.36. The total amount payable would be £341,421.04 made up of the loan amount plus interest (£151,592.04), an application fee of £199, a completion fee of £500, a mortgage funds release fee of £35 and a mortgage discharge fee of £95.

The overall cost for comparison is 5.3% APRC representative.

[This representative example is based on assumptions that the loan would start from 14 June 2019]

 

 

 


LIKE-FOR-LIKE 3.25% Shared Ownership 2 Year Fixed Rate 90% Share

About
Fees
Apply
Representative Example
  • FIXED RATE of 3.25% until 30 September 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales, intermediaries in our heartland area and selected intermediary partners
  • Available for remortgage ONLY
  • Applicants must have been with their current lender for 2 years or more, not be borrowing more than their current loan and have a good credit history

40079

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
FREE FREE FREE - FREE £500k

Fee assisted legals

Fee free overpayments up to 50% of original loan amount

Overpayment of 50% or above - early repayment charge is 3% of the overpayment

Early redemption - early repayment charge is 3% of the original loan amount

Early Repayment Charge period ends 30 September 2021

Minimum loan amount: £50k

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.

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 £76,00.00 payable over 25 years initially on a fixed rate until 30 September 2021 at 3.25% and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £370.36, followed by 273 monthly payments of £468.98. The total amount payable would be £138,125.26 made up of the loan amount plus interest (£62,031.26), and a mortgage discharge fee of £95.

The overall cost for comparison is 5.4% APRC representative.

[This representative example is based on assumptions that the loan would start from 14 June 2019).

 

Give us a call on 0330 123 1073 if you have any questions or would like to discuss a case.

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