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Ipswich BS launches shared home ownership remortgages

by: Mortgage Solutions
  • 18/12/2017
  • 0
Ipswich BS launches shared home ownership remortgages
Ipswich Building Society has launched a shared ownership remortgage option available through intermediaries and direct to consumer.

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.”

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