Ipswich Building Society has announced its return to the shared ownership mortgage market.
The society has released two and five-year fixed rate products up to 95% LTV of the borrower’s share and a two-year fixed rate mortgage of up to 90% LTV of the borrower’s share.
Ipswich suggested its return signals an ongoing commitment to supporting “would-be homeowners” in getting a foot onto the property ladder with minimum deposits.
The products are all available for purchase and remortgage cases, each with no application, completion or valuation fees. The minimum loan size is £75,000 and maximum is £500,000.
“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,” commented Ipswich head of intermediary relations, Charlotte Grimshaw.
“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.”
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