We’re currently working on our BTL calculator in light of our recent criteria changes. We hope to have this back up and running soon but if you need any help in the meantime, please contact your BDM or the Helpdesk on 0330 123 1073.

Changes to our COVID-19 criteria

Written by Ipswich Building Society

14 Apr 2021


COVID-19, Criteria update, Lending Criteria

1 min read

We're delighted to announce that as the government roadmap continues to take shape we can create more flexibility in our criteria surrounding COVID-19 factors such as furlough and self-employment.

Full details of the new changes are available on the website here, but in the mean time we have the key facts below:

  • We accept furloughed applicants and will take the furlough maximum amount (60%) – maximum 80% LTV.
  • We can accept self-employed applicants who have taken either the 1st or 2nd Government grant (SEISS) – maximum 80% LTV (they must not have taken a grant since).
  • For self-employed applicants we will use the higher of Net Profit after Tax or Salary & Dividends and use an average of the last 2 years.
  • 50% of Bonus/Commission/Overtime accepted (100% if guaranteed).
  • Day rate contractors with day rate used for calculation up to 80% LTV (income assessed as self-employed  >80%).

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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