" Shared ownership is now just as likely to be used by young professionals in areas where property prices are beyond their reach"
Ipswich Building Society has improved the affordability and criteria on its shared ownership products and launched a new product for up to 90% of the share.
The Society has increased the maximum loan size on its shared ownership range from £350,000 to £500,000 and gifted deposits will be accepted up to 95% of the share where applicants can provide 12 months’ rental evidence.
The new two-year fixed rate mortgage is available at 3.25% for up to 90% of the share at a maximum LTV of 80%.
Ipswich has also reduced pricing on its existing discount and fixed rates.
Products are available from five to 40-year terms and have no completion, application or CHAPS fees.
Richard Norrington, Ipswich Building Society CEO, commented: “Shared ownership schemes have come a long way since their original introduction in the 1970s, and we’re delighted to have been helping people get on to the property ladder this way since the mid 1990s.
“No longer just an extension to social housing, or to help public sector workers to purchase a home, shared ownership is now just as likely to be used by young professionals in areas where property prices are beyond their reach: shared ownership is often an alternative and more secure option for this group who are looking to avoid the volatility and uncertainty of the private rental market.
“We’re confident that the refresh and additions to our shared ownership range will make this type of property ownership accessible to more would-be first time homeowners.”