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Shared Ownership

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 4.39% 2 Year Fixed Rate 95% LTV

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  • FIXED RATE of 4.39% up until 31 May 2019 then changing to Ipswich Standard Variable Rate (currently 5.24%)
  • 5.3% 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 of 4.39% until 31 May 2019 and then on our Standard Variable Rate currently at 5.24% for the remainder of the mortgage term would require 26 monthly payments of £454.37 and 334 monthly payments of £498.49.
The total amount payable would be £178,718.28 made up of the loan amount plus interest (£87,466.28), an application fee of £199, a valuation fee of £115 and a mortgage exit fee of £95.
The overall cost for comparison is 5.3% APRC representative.
[This representative example is based on assumptions that the loan would start from 03 March 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 May 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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Fees
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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 Self Build 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'.

Why talk to us about your fixed rate mortgage?

Older

We believe things get better with age

We'll accept cases up to the age of 85 on expiry of the loan. We'll review your mortgage application on its own merits.

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Available to locals and not so local

We accept applications from those looking for a mortgage in England and Wales and via mortgage brokers in the East of England.

Unusual construction

We're champions of mortgage misfits

We welcome the self employed, contract workers, expats and those undertaking a self build project. We don't automate our mortgage decision making, meaning we can personally assess your application.

HouseandLock

We accept transitional cases

If you do not meet the affordability requirements of MMR and have held a mortgage from before 26 April 2014, we are happy to review your application to see if we can help. Find out more.


Making mortgages
easier to
understand

We've produced a number of guides and helpful information to help you understand your mortgage.

Get a clear
view on the
numbers

From affordability to making overpayments on your mortgage, we have a calculator to help you.

Helping you to
understand our
mortgages

The introduction of the Mortgage Market Review in April 2014 meant that new affordability criteria could make it harder for so-called misfits to get a mortgage.

Toby's top 5 things to consider when applying for a mortgage

Are you a mortgage prisoner? - Mortgage Market Review

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Mortgage Rate Guide Download

For full details, including the fees, of our mortgage products simply download a printable copy of our Mortgage Product 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.

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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.