fbpx

Ipswich reintroduces shared ownership products

Jake Carter

September 21, 2021

shared ownership

Ipswich Building Society has re-entered the shared ownership mortgage market with 2 and 5-year fixed rate products for up to 95% loan-to-value (LTV).

The products are available for purchase and remortgage cases, with no application, completion or valuation fees.

A minimum loan of £75,000 and maximum of £500,000 applies.

Notable deals include a 95% LTV 2-year fix at 3.74%, a 95% LTV 5-year fix at 3.99%, and a 90% LTV 2-year fix at 3.25%.

Charlotte Grimshaw, head of intermediary relations at Ipswich Building Society, said: “It’s great to be back in the shared ownership market once again.

“Our previous range was very popular and, having implemented other crucial changes to our products and lending criteria, we have been committed to bringing these products back into our range to make buying a home more accessible.

“With house prices rising faster than wages, and fewer higher LTV deals on the market than before the pandemic, shared ownership mortgages can offer a more affordable, achievable option for would-be borrowers.

“In particular, I’m excited about our 5-year fixed rate product, which should provide borrowers with comfort and security over their mortgage repayments, offering stability over a longer time period.

“Additionally, as the affordability assessment for this 5-year fixed rate product is calculated on product pay rate only, rather than applying a stress scenario, this will further help those looking to borrow.

“Recent research shows that nearly two thirds of first-time buyers have to rely on an additional source of income when saving for a mortgage deposit.

“It’s clear this generation is working hard to fund their dreams of owning their own home, and we’re keen to support them.

“These new products, combined with our personal approach to underwriting, allow us to offer borrowers more choice while retaining a diligent approach to lending.”


Sign up to our daily email