Chorley Building Society has launched a shared ownership mortgage that is initially available only in the North West.

The Lancashire-based mutual says its two-year mortgage is set at 90% loan to value at 3.19% for five years. This will be followed by its standard variable rate, currently set at 5.24%.

The residential property must be based inside the North West region, which the firm defines as Lancashire, Merseyside, Manchester, Cumbria and Cheshire.

The loan size ranges from £50,000 to £400,000.

For one to two applicants affordability is set at up to 4.49 times total income. And for three to four applicants, this will be 3.25 times total income.

Chorley Building Society head of business development says: “We already offer Help to Buy mortgages and we are pleased to be able to offer this shared ownership mortgage that is backed by the Government’s help scheme.”

The launch of this shared ownership product follows the society’s recent re-entry into the 90% LTV market.