Hanley Economic Building Society has launched a fee-free two-year fixed rate shared ownership mortgage.

The new product has a headline rate of 5.35% and is available up to 95% loan-to-value (LTV).

This will allow borrowers access to the shared ownership scheme for either purchase or remortgage purposes with only a 5% deposit.

There are no application or arrangement fees and it comes with one free standard valuation.

There is a minimum loan amount of £30,000 and a maximum loan amount of £500,000 on the shared ownership product.

It is available on properties in England and Wales, including new build houses and flats up to 10 floors.

Hanley Economic Building Society head of products and marketing David Lownds says: “Shared ownership offers an accessible and practical route to homeownership. However, the expertise of intermediaries and the experience of lenders who are specialists in this space are vital in guiding borrowers through the process and in ensuring they make the most informed decisions possible.”