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What are Shared Ownership mortgages?

Through Shared Ownership you buy a share of the property and pay rent on the remaining share you do not own. This rent is often much cheaper than private rental accommodation, ensuring the purchase is affordable. Gradually you can buy further shares and eventually own the home outright, if the lease allows. It is a Government run scheme administered by RSLs (Registered Social Landlords) for the Housing Corporation.

Ipswich Building Society has teamed up with Flagship Housing Group, Orwell Housing Association and Bedfordshire Pilgrims Housing Association (bpha) to offer an exclusive Shared Ownership mortgage for people living in the East of England who want to take their first steps onto the housing ladder.

Please find below a summary of the shared ownership affordable mortgages the Society currently offers. 


Shared Ownership 4.69% 5 Year Fixed Rate 95% LTV

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  • FIXED RATE of 4.69% until 30 September 2022 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • APRC 5.2%
  • Available to direct applicants in England and Wales, nationally via selected intermediary partners and all intermediaries based in our heartland area.
  • 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, TenetLime & Tenet Connect.
  • Available for Purchase only

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 £90,843.00 payable over 30 years initially on a fixed rate until 30 September 2022 at 4.69% and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 62 monthly payments of £470.60 followed by 298 monthly payments of £497.03.       
The total amount payable would be £177,701.14 made up of the loan amount plus interest (£86,449.14), an application fee of £199, a valuation fee of £115 and a mortgage exit fee of £95. This example assumes the completion fee and mortgage funds release fee are 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 13 July 2017] 

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 £199 Based on property valuation - £35 £350k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 September 2022
Overpayment of 50% or above - Early Repayment Charge is 5% of the overpayment
Redemption - Early Repayment Charge is 5% 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 view our video on what to expect when applying for a mortgage or 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 4.39% 2 Year Fixed Rate 95% LTV

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  • FIXED RATE of 4.39% up until 31 August 2019 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 5.2% APRC
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, 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.

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 £90,843.00 payable over 30 years initially on a fixed rate until 31 August 2019 at 4.39% and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 27 monthly payments of £454.37, followed by 333 monthly payments of £498.38.          
The total amount payable would be £178,637.53 made up of the loan amount plus interest (£87,385.53), an application fee of £199, 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 5.2% APRC representative.  
[This representative example is based on assumptions that the loan would start from 17 May 2017]

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
- £199 Based property valuation - - £350k

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 31 August 2019
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 view our video on what to expect when applying for a mortgage or take a 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 4.19% 2 Year Discount Rate 95% LTV

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  • VARIABLE RATE currently 5.24% with a discount of 1.05% until 2 years from completion date then changing to Ipswich Standard Variable Rate
  • 5.2% APRC
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, 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.
  • 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 £90,843.00 payable over 30 years on our Standard Variable Rate currently at 5.24% with a discount of 1.05% , giving a current rate payable of 4.19% until 2 years from completion then our Standard Variable Rate for remainder of the mortgage term would require 24 monthly payments of £443.71 followed by 336 monthly payments of £498.09. The total amount payable would be £178,416.28 main up of loan amount plus interest (£87,164.28), an application fee of £199, a valuation fee of £115.00 and a mortgage exit 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 15 December 2016]

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
- £199 Based on property valuation - - £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 view our video on what to expect when applying for a mortgage or take a 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.



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

If you would like information on the criteria for arranging a mortgage with Ipswich Building Society, please click here

 

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.