The society has designed the mortgages to cater for different types of borrowers; self-employed specialists, self-employed professionals and contractors.
Self-employed specialists are those who have been in the same line of work for the last three years and are able to supply accounts for at least a year. Ipswich is offering a two-year 75% loan-to-value (LTV) discount mortgage for purchases and remortages at a rate of 3.59% (5.4% APR). The maximum loan is £350,000.
Borrowers with occupations such as solicitors, architects, doctors and dentists fall into Ipswich’s self-employed professionals category. The applicant must have been working for an established partnership of at least three years. ‘Professionals’ can access a two-year 90% LTV discount mortgage for purchases and remortgages at a rate of 3.99%. The product is available for loans up to £500,000.
Applicants who are unable to provide accounts for one year will be considered for applications up to 75% LTV if they work in an established firm.
Contractors can also access a 90% LTV discount mortgage product also at 3.99% for loans up to £750,000. This excludes the Construction Industry Scheme (CIS).
