Ipswich Building Society has amended the criteria and introduced a new product within its shared ownership range.
The lender’s new product is an 80 per cent LTV two-year fix at 3.25 per cent with a 90 per cent share. This offer has a maximum loan value of £500,000 and no completion, application or CHAPS fees.
In addition, the product has a tiered valuation fee based on property value and offers fee-free overpayments up to 50 per cent of the original loan amount – exceeding this, the ERC is set at 3 per cent.
For remortgage applicants, the offer includes free valuation and fee assisted legals.
Regarding criteria improvements, changes include the maximum loan size being increased from £350,000 to £500,000, and reduced pricing on the lender’s discount and fixed rate products for up to 95 per cent of the share.
Furthermore, lending is now available on flats up to 10 storeys having been increased from five, and gifted deposits will be accepted up to 95 per cent of the share where applicants can provide 12 months’ rental evidence, or up to 90 per cent of the share without this.
Ipswich Building Society chief executive Richard Norrington comments: “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.”