Penrith Building Society has withdrawn its shared ownership deals to review its lending in this area.

At the same time the lender has launched three new fixed rates and made a number of product changes.

Penrith’s shared ownership deals had been discount variable rates, which it says have not proved popular, so it is now reviewing its criteria and considering bringing out fixed rate deals.

However, it says it remains committed to first-time buyers and supporting shared ownership as part of this.

Penrith’s new deals are all two-year fixed rates at 5.19%.

Its Heartland purchase fixed rate, for borrowers within its catchment area,  has no fees and is available up to 90% LTV, with a maximum loan of £500,000.

Its National purchase fixed rate, for borrowers outside the area, has a product fee of £499 with the same maximum LTV and loan size.

Penrith’s Heartland remortgage, has no fees, and is available up to 80% LTV on loans of up to £750,000.

The lender has also cut the pay rate on its expat buy-to-let three year discount rate from 7.23% to 5.59% (or 2.4% below its SVR).

Penrith has increased the maximum LTV on both its Heartland remortgage and National purchase two-year discount deals from 80% to 90%.

However, for both products it has reduced the maximum loan size from £750,000 to £500,000.

On the new fixed rate launches, head of products Tim Vigeon says: “The rates, combined with our common-sense underwriting will make the dreams of those wishing to buy a home or remortgage their existing home a reality.

“Our other changes reflect feedback that we have received and enhance our overall proposition within the market.

“We continually review our products and criteria with customers and brokers at the heart of our thinking and further changes will be announced over the coming weeks.”