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Product changes: reduced rates and a new deal for shared ownership

Written by Ipswich Building Society

8 Mar 2019

Tags

Gifted Deposit, Product Changes, Shared Ownership

2 min read

If you have shared ownership clients we’re making some changes to our product range, effective from Tuesday 12 March.

Firstly, we are improving our two year fixed and discount rate products for loans up to 95% of the share:

  • 2 Year discount rate at SVR minus 2.49%, giving a pay rate of 3.25% for two years from the completion date (previously at SVR minus 2.24%, pay rate of 3.50%)
  • 2 Year fixed rate at 3.50%, fixed until 30 June 2021 (previously fixed at 3.75% until 31 March 2021)

We are also introducing a NEW product for applicants borrowing up to 90% of the share:

  • 2 year fixed rate at 3.25% until 30 June 2021

All shared ownership products are available for a maximum 80% of property market value, from five to 40 year terms up to a maximum loan of £500,000. No completion, application or CHAPS fees. A tiered valuation fee based on property value applies and remortgage applicants will benefit from a free valuation and fee assisted legals.

During the fixed or discount rate period the products offer fee-free overpayments up to 50% of the original loan amount. For overpayments in excess of 50% of the original loan amount, or early redemption, an Early Repayment Charge (ERC) applies for fixed rate products at 3% and for discount rate products at 1%.

Products are available for properties across England and Wales, for intermediaries based in our heartland area and members of selected networks and clubs.

Sourcing systems and our website will be updated once the product changes take effect on Tuesday.

If you have a shared ownership client in mind and want to discuss how we may be able to help, please give us a call on 0330 123 1073.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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