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Shared ownership mortgages

Getting on the property ladder traditionally requires a significant deposit - typically anything from 5% and upwards of the purchase price - which can be very difficult for some people to save for. This scheme allows first time buyers to purchase just part of the property initially, paying rent to a housing association for the remaining share that is not owned initially.

Applicants do not necessarily need to be first time buyers, and can have previously owned a home or rented, either privately or through a council or housing association.

Often cheaper than private rental accommodation, shared ownership mortgages help to make purchasing a home more affordable because you take out a mortgage only for the share you own - typically between 25% and 75%. That means your mortgage deposit is only calculated on your share of the overall purchase price, and not the full purchase price, which is a more manageable amount to save.

Of course, you will still need to budget for the monthly mortgage repayments and also the rental payment to the housing association.

Staircasing and shared ownership

You may find with a shared ownership mortgage that your outgoings are reduced, which means that you could be able to put money aside each month and start saving. Subject to the conditions of your property and the purchase agreement, you may be able to purchase further shares and eventually own the home outright. Known as “staircasing”, the cost of your home’s shares will depend on the value of your home at the time. When you own the property outright, you’re able to sell it on the open market. If you wish to sell before you own 100% of the home, the housing association can find its own buyer.

Shared ownership mortgages from Ipswich Building Society

Our shared ownership mortgages are currently available to all direct applicants in England and Wales.

Shared Ownership 3.50% 2 Year Fixed Rate 95% LTV

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  • FIXED RATE of 3.50% until 30 September 2020 then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • APRC 5.2%
  • Available to direct applicants in England and Wales, Prestige Club intermediaries and specially selected intermediary partners
  • Available for Purchase or Remortgage (staircasing considered)
  • Minimum loan amount £100k

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £100,000.00 payable over 25 years initially on a fixed rate until 30/09/2020 at 3.50% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 28 monthly payments of £500.62, followed by 272 monthly payments of £604.24.
The total amount payable would be £178,465.64 made up of the loan amount plus interest (£78,370.64) and a mortgage discharge fee of £95. This example assumes the mortgage funds release fee is added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.2% APRC representative.

[This representative example is based on assumptions that the loan would start from 29 May 2018]

40040, 40041, 40042

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
FREE FREE FREE (up to max property value £1m) - FREE £350k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2020
Overpayment of 50% or above - Early Repayment Charge is 3% of the overpayment
Redemption - Early Repayment Charge is 3% of the original loan amount

For remortgage only - fee assisted legals (excluding staircasing)

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to take a look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Shared Ownership 3.75% 2 Year Fixed Rate 95% LTV

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Fees
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Download Comparison
  • FIXED RATE of 3.75% up until 30 September 2020 then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • 5.3% APRC
  • Available to direct applicants, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire. Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage, Tenet Lime
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team on 0330 123 1073.
  • Minimum loan amount £50k

Representative example:

A mortgage of £76,00.00 payable over 25 years initially on a fixed rate until 30/09/2020 at 3.75% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 28 monthly payments of £390.74, followed by 272 monthly payments of £460.18.
The total amount payable would be £136,319.68 made up of the loan amount plus interest (£60,109.68), a valuation fee of £115 and a mortgage discharge fee of £95. This example assumes the mortgage funds release fee is added to the loan and that interest is charged on these fees over the mortgage term.
The overall cost for comparison is 5.3% APRC representative.

[This representative example is based on assumptions that the loan would start from 29 May 2018]

40037, 40038, 40039

 

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
FREE FREE Based on property valuation. Remortgage: FREE (up to max property value £1m) - FREE £350k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2020
Overpayment of 50% or above - early repayment charge is 3% of the overpayment
Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Shared Ownership 3.20% 2 Year Discount Rate 95% LTV

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Fees
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Download Comparison
  • VARIABLE RATE of 5.49% with a discount of 2.29% giving a payable rate of 3.20% until 2 years from completion then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • APRC 5.2%
  • Available to direct applicants in England and Wales, Prestige Club intermediaries and specially selected intermediary partners
  • Available for Purchase or Remortgage (staircasing considered)
  • Minimum loan amount £100k

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage)

A mortgage of £100,000.00 payable over 25 years on our Standard Variable Rate currently at 5.49% with a discount of 2.29% , giving a current rate payable of 3.20% until 2 years from completion then our Standard Variable Rate for remainder of the mortgage term would require 24 monthly payments of £484.68 followed by 276 monthly payments of £604.24. The total amount payable would be £178,497.56 made up of loan amount plus interest (£78,402.56) and a mortgage discharge fee of £95. The overall cost for comparison is 5.2% APRC representative
[This representative example is based on assumptions that the loan would start from 29 May 2018]

35025, 35026, 35027

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
FREE FREE FREE (up to max property value £1m) - FREE 350k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 2 years from date of completion
Overpayment of 50% or above - Early Repayment Charge is 1% of the overpayment
Redemption - Early Repayment Charge is 1% of the original loan amount

For remortgage only - fee assisted legals

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to take a look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.


Shared Ownership 3.25% 2 Year Discount Rate 95% LTV

About
Fees
Apply
Download Comparison
  • VARIABLE RATE currently 5.49% with a discount of 2.24% until 2 years from completion date then changing to Ipswich Standard Variable Rate
  • 5.2% APRC
  • Available to Intermediary partners, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Selected partners include: Sesame (AR), PTFS (AR), Mortgage Intelligence (AR), Mortgage Next (AR), Life & Easy (AR), Intrinsic (AR), L&G Nouveau Members, L&G Nouveau2 Members, L&G (Selected Partners), SimplyBiz Mortgage.
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team on 0330 123 1073.
  • Minimum loan amount £50k

Representative example (this is based on a typical purchase and does not contain all of the details you will need to choose a mortgage)
A mortgage of £76,000.00 payable over 25 years on our Standard Variable Rate currently at 5.49% with a discount of 2.24% , giving a current rate payable of 3.25% until 2 years from completion then our Standard Variable Rate for remainder of the mortgage term would require 24 monthly payments of £370.36 followed by 276 monthly payments of £459.39. The total amount payable would be £135,890.28 made up of loan amount plus interest (£59,680.28), a valuation fee of £115 and a mortgage discharge fee of £95. The overall cost for comparison is 5.2% APRC representative

[This representative example is based on assumptions that the loan would start from 29 May 2018]

35022, 35023, 35024

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
FREE FREE Based on property valuation. Remortgage: FREE (up to max property value £1m) FREE FREE £350k
  • Free free overpayments up to 50% of original loan
  • For overpayments over 50%, early repayment charge is 1% of the overpayment
  • Early repayment charge period ends 2 years from completion date

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To see all of our current mortgage products, please download our mortgage product rate guide.

Please note our rate guide is an Excel document. Click here to download Excel Viewer from Microsoft, where you can open, view and print Excel documents even if you don't have Excel installed.



Find out more about the mortgage packages available from Ipswich Building Society.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

About our shared ownership mortgages

  • Loan size: £50,000 to £350,000
  • No application, completion or valuation fees
  • Loans available up to 95% of the share
  • No automated credit scoring (but we do expect a good credit history, and mortgage applications will be subject to standard qualifying criteria)
  • Overpay your original loan amount by up tp 50% with no early repayment charges (for overpayments above 50%, the early repayment charge is 3% of the overpayment for the fixed rate product and 1% of the overpayment for the discount rate product)
  • Find out more about shared ownership mortgages in our blog post

Features of our shared ownership mortgages

lighthouse

Flexibility

You'll buy a share of the property and pay rent on the remaining share you do not own. Gradually you can buy further shares and eventually buy your home, if the lease allows.

sunflower2

A good credit history

We don't use automated credit scoring to assess your suitability, but we do expect a good credit history.

housekeeping

Early repayment charges

You can over pay by up to 50% with our mortgages and not incur any early repayment charges. See the tabs above to check this and other charges.

half built

Unusual construction

We know houses, just like people come in all shapes and sizes and materials! We can consider a range of construction types as well as the 'yet to be built'.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Your home may be repossessed if you do not keep up repayments on your mortgage.