Ipswich launches shared ownership options

Ipswich launches shared ownership options

Ipswich Building Society has launched options for shared ownership mortgages, including products for those exiting the Help to Buy scheme.

The mutual has increased the maximum loan size for standard 90 per cent and 95 per cent loan-to-value (LTV) products from £350,000 to £500,000, and is offering shared ownership products, available for up to 95 per cent of the share, with a maximum loan of £350,000.

The society also said it would now help those who are looking to graduate from a Help-to-Buy product onto a standard product.

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All standard remortgage products will be available to Help to Buy applicants, up to 95pc loan to value, and it will apply a manual underwriting process with standard mortgage assessment and affordability calculations.

Richard Norrington, chief executive of Ipswich Building Society, said: "We are pleased that we can help borrowers moving away from a Help to Buy mortgage and through our expert manual underwriting we’ll continue to specialise in real mortgages for real people, who have unusual or complex occupations and find themselves categorised as ‘mortgage misfits’, otherwise ignored by other high-street lenders."

Kevin Hever, from Cornerstone Financial in Wolverhampton, said anything that improves the options for those on Help to Buy mortgages was a good sign.

"Some Help to Buy mortgages are not brilliant, but it's always been a bit of a niche product which makes it hard for people to move on," he said.

He added that building societies, such as Ipswich, were making a space for themselves in the market by finding specialist sectors not well served by the banks. "The banks definitely live in a bit of a 'computer says no' culture," he said. "Manual underwriting is a huge plus for many people."