Ipswich Building Society was set up in about 1850 and its purpose at the time was to aid customers to purchase homes of their own.  Their total assets as of the 30^th November 2010 was £501 million. Their Head Offices, for visitors, is at: Freehold House,
 24 The Havens,
Ransomes Europark,
Ipswich
IP3 9SJ but they have a further nine branches with a total of six registered agencies in Suffolk and Norfolk.

Ipswich Building Society has mortgages for buy to let, first time buyers, remortgaging, shared ownership or self build.

Buy to let mortgages – this type of mortgage is used by potential or existing property owners in order to buy a property for renting our purposes. The income from the rental normally goes towards the repayment of the mortgage making it feasible for the landlord to repay 100% of the mortgage with the use of the rental income.

There are two Ipswich Building Society buy to let mortgages available with the following features:

Two Year Discount Buy to Let Mortgage

• Variable rate of 4.99% (as of the 15^th August 2011)
• When two year term ends mortgage reverts to a variable rate of 5.49% for the duration of the full term of the mortgage
• The overall cost for comparison is 5.7% (APR)
• There is a early repayment fee which is 3% prior to 30^th November 2013
• A minimum deposit of 25% is required

Two Year Fixed Rate Buy to Let Mortgage

• A fixed rate of 5.25% (as of the 15^th August 2011)
• When two year term ends mortgage reverts to a variable rate of 5.49% for the duration of the full term of the mortgage
• The overall cost for comparison is 5.7% (APR)
• There is a early repayment fee which is 3% prior to 30^th November 2013
• A minimum deposit of 25% is required

Remortgage – this type of mortgage is for people wanting to replace an existing mortgage they have by taking on a totally new mortgage deal. They might be drawing near to the end of the fixed term mortgage they presently have and see that the rates their mortgage company is offering is going to prove costly and realize they need to look for a better deal.

The Ipswich Building Society a total of eleven remortgage deals and here is an example of one:

Two Year Fixed Rate Remortgage

• A fixed rate of 3.25% (as of the 15^th August 2011)
• When two year term ends mortgage reverts to a variable rate of 5.49% for the duration of the full term of the mortgage
• The overall cost for comparison is 5.2% (APR)
• There is a early repayment fee which is 3% prior to 30^th November 2013
• A minimum deposit of 20% is required

Self Build Mortgages – are designed for people wanting to build their own home. The Ipswich Building Society offers a self build mortgage that comes in three different types of deals and here is an example of one:

Self Build Three Year Fixed Rate Mortgage

• A fixed rate of 4.69% (as of the 15^th August 2011)
• When two year term ends mortgage reverts to a variable rate of 5.49% for the duration of the full term of the mortgage
• The overall cost for comparison is 5.5% (APR)
• There is a early repayment fee which is 3% prior to 30^th November 2013
• A minimum deposit of 25% is required

There are certain criteria which have to be met with a self build mortgage such as:

• Someone with the correct qualifications must supervise the project
• Prior to commencement of the build a Detailed Planning Permission and Building Regulation must have been applied for
• Completion must take place within a twelve month period from the time of the first loan
• At no time can the total of the loan be greater than 75% of the present valuation of either the land or property which is undergoing building
• The Ipswich Building Society have fees known as ‘stage release fees’ which they charge for every stage remittance made up to £100.00 and includes the charge for a Valuer visiting the property or site for the purpose of re-inspection as well as a CHAPS (Clearing House Automated Payment System) fee

Ipswich Building Society is well worth considering when looking for a mortgage as they have many mortgage products to choose from.