Ipswich Building Society has refreshed its shared ownership mortgage range to further assist prospective first-time buyers.
The society’s shared ownership offering allows people to purchase up to an 80% stake in a property; financing up to 95% of the share with a mortgage and paying rent to a housing association on the remaining share.
The following improvements have been made to the standard product range criteria and assessment:
• maximum loan size increased from £350,000 to £500,000
• reduced pricing on both of the society’s existing discount and fixed rates products for up to 95% of the share
• lending now available on flats up to 10 storeys (previously five)
• gifted deposits will be accepted up to 95% of the share where applicants can provide 12 months’ rental evidence, or up to 90% of the share without this
Richard Norrington, CEO at Ipswich Building Society, said: “No longer just an extension to social housing, or to help public sector workers to purchase a home, shared ownership is now just as likely to be used by young professionals in areas where property prices are beyond their reach.”
The society has also introduced a new two-year fixed rate mortgage at 3.25% until 30th June 2021.
Richard stated that shared ownership was often an “alternative and more secure option” for first-time buyers who were looking to avoid the “uncertainty” of the private rental market.
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