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What are fixed rate mortgages?


Due to the operational challenges created by the COVID-19 pandemic, we have temporarily restricted our lending criteria and withdrawn a number of our mortgage products. Visit the FAQs for more information.


Fixed rate mortgages are suitable if you want to pay a set amount each month and do not want your monthly payment to fluctuate. This type of mortgage can be helpful in making budgeting more straightforward. Your interest rate remains the same for a set period of time and the amount you pay for your mortgage each month will remain the same regardless of any changes in the Bank of England base rate or the standard variable rate of Ipswich Building Society. If you want to leave a fixed rate mortgage deal before the end of the set term, you may be charged an early repayment fee.

Please refer to individual product pages for more information on our specialist fixed rate mortgages.

Residential Standard

2.75% 2 Year Fixed Rate 75% LTV

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  • FIXED RATE of 2.75% until 31/06/2022 then reverting to 4.00% until 30/09/2025 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 4.7% APRC
  • Available to direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire
  • Available for remortgage up to 75% LTV

72296

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 Based on property valuation. Remortgage: FREE (up to max property value £1m) - £35 £750k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30/06/2022
Overpayment of 50% or above - Early repayment charge is 3% of the overpayment
Redemption - Early repayment charge is 3% of the original loan amount

Remortgage only - fee assisted legals

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

A mortgage of £228,600.00 payable over 20 years initially on a fixed rate until 30/06/2022 at 2.75%, then on our Standard Variable Rate currently at 5.74% with a discount of 1.74%, giving a pay rate of 4% until 30/09/2025, then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term. This would require 27 monthly payments of £1,243.92, followed by 39 monthly payments of £1,374.86, followed by 174 monthly payments of £1,537.37. The total amount payable would be £355,241.76 made up of the loan amount plus interest (£125,272.76), an application fee of £199, a completion fee of £800, a valuation fee of £240, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 4.7% APRC representative.


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.