Looking for Ipswich Building Society? You’re in the right place – we’ve changed our name! Welcome to Suffolk Building Society. Find out more.

Mortgage product
information.

RIO 5 Year Fixed Rate (Interest Only) – for purchase or remortgage up to 50% LTV

Mortgage details

Initial rate

3.25%

Rate Type

Fixed

Rate Term

5 year

APRC

4.9%

Standard rate

FIXED RATE of 3.25% until 5 years after completion date, then changing to Suffolk Standard Variable Rate (currently 5.24%) for the remainder of the term

Fees

Application Fee:
£199

Completion Fee:
£500

Valuation Fee:
Purchase – Based on property valuation
Remortgage – FREE

CHAPS (Fee for transfer of funds to solicitor):
£35

Maximum loan

£500,000

Maximum LTV

50%

Additional information

Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 5 years from completion [Remortgage only: fee assisted legals]

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Representative example

An interest only mortgage of £130,000.00 payable over 40 years initially on an interest only basis with a fixed rate until 5 years from completion at 3.25%. This will be followed by our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term. This would require 60 monthly payments of £353.53, followed by 420 monthly payments of £570.00. The total amount payable would be £391,640.80 made up of the loan amount plus interest (£260,611.80), an application fee of £199, a completion fee of £500, a valuation fee of £200, a mortgage funds release fee of £35 and a mortgage discharge fee of £95. The overall cost for comparison is 4.9% APRC representative.

Get started

Enquire now.










    Your browser is out-of-date.

    Welcome to our new website. This site is not fully supported in Internet Explorer.
    Please download one of the browsers below to continue using this website.

    • Google Chrome
    • Microsoft Edge