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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. Our Shared Ownership products are currently available to all direct applicants in England and Wales.

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


Shared Ownership 3.89% 2 Year Fixed Rate 95% LTV

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  • FIXED RATE of 3.89% until 30 April 2020 then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • APRC 5.3%
  • Available to direct applicants in England and Wales, Prestige Club intermediaries and specially selected intermediary partners
  • Available for Purchase or Remortgage (staircasing considered)

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 £103,250.00 payable over 30 years initially on a fixed rate until 30 April 2020 at 3.89% and then on our Standard Variable Rate currently at 5.49% for the remainder of the mortgage term would require 26 monthly payments of £486.41, followed by 334 monthly payments of £579.81.          
The total amount payable would be £206,398.20 made up of the loan amount plus interest (£103,053.20) 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 19 February 2018]

40025, 40026, 40027

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 FREE FREE £350K

No charge for overpayments of up to 50% of original loan amount
Early repayment charge period ends 30 April 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

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 3.55% 2 Year Discount Rate 95% LTV

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Fees
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  • VARIABLE RATE of 5.49% with a discount of 1.94% giving a payable rate of 3.55% until 2 years from completion then changing to Ipswich Standard Variable Rate (currently 5.49%)
  • APRC 5.3%
  • Available to direct applicants in England and Wales, Prestige Club intermediaries and specially selected intermediary partners
  • Available for Purchase or Remortgage (staircasing considered)

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 £103,250.00 payable over 30 years on our Standard Variable Rate currently at 5.49% with a discount of 1.94% , giving a current rate payable of 3.55% until 2 years from completion then our Standard Variable Rate for remainder of the mortgage term would require 24 monthly payments of £466.53 followed by 336 monthly payments of £578.97. The total amount payable would be £205,825.64 made up of loan amount plus interest (£102,480.64) and a mortgage discharge 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 19 February 2018]

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.



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.