Hanley Economic Building Society has refreshed its shared ownership product range through the introduction of a new three-year fixed rate deal and the application of a 0.60% rate cut to its medium-term fixed rate product.

The new addition to the range comes in the form of a three-year fixed rate shared ownership mortgage which is available up to 95% loan-to-value (LTV) and comes with a headline rate of 5.65%.

The 0.60% rate reduction has been applied to the society’s medium-term fixed rate shared ownership mortgage which is available up to 95% LTV, with a maturity date of 30 November 2028. This now has a headline rate of 5.20%, down from 5.80%

These products offer borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit.

In a bid to reduce upfront fees, there are no application or arrangement fees on either of these deals and they also come with a free standard valuation.

There is a minimum loan amount of £30,000 and a maximum loan amount of £500,000 on these products and they are available on properties throughout England and Wales, including new build houses and flats up to 10 floors.

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and both products are available through the Hanley Economic Building Society branch network and selected intermediary channels.

Hanley head of products David Lownds commented: “2024 has started with a constant stream of enquiries from a variety of first-time buyers who are now more aware of the interest rate landscape, their own borrowing capabilities and their options”.

He added: “Shared ownership is playing an increasingly prominent role within many of these conversations, meaning it’s vital that we – as a lending community, alongside our intermediary partners – ensure that borrowers can access a range of competitive options in a responsible, appropriate and well-informed manner.”