The mortgage will give existing borrowers the choice to refinance their property and also to ‘staircase’ by increasing the loan amount for a bigger share in the property.
The mutual is also reducing the minimum share across all of its shared ownership products from 40% to 25%, for buyers with a smaller deposit or those wishing to buy a smaller share of a property. However, a minimum loan size of £100,000 applies where the share is less than 40%.
The society has launched a two-year discount from Standard Variable Rate (SVR) mortgage with a discount of 1.85% for two years from completion offering a pay rate of 3.39%. The loan also has a maximum loan to value (LTV) of 95% and a £199 application fee.
The mutual has also offered a two-year fixed rate product at 3.89%, also to a maximum 95% LTV.
All new products are available for purchase and remortgage, with a £350,000 maximum loan amount and a £50,000 overpayment facility.
Ipswich Building Society CEO, Richard Norrington said: “We are excited to enhance our shared ownership offering to a currently underserved section of the market.”
He added: “Reducing the minimum share on our wider shared ownership range will also help make this avenue more accessible for borrowers currently finding it difficult to get on the property ladder.”
