Hanley Intermediaries has launched a 3.75% five-year fixed rate shared ownership mortgage up to 95% loan to value (LTV) with no fee.

The product will allow borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with a 5% deposit. 

The new five-year fix, which is also available on new build houses and flats up to 10 floors, has one free standard valuation, and the minimum loan amount is £30,000, with a maximum loan amount of £500,000. 

It will be available through the Hanley Economic Building Society branch network and selected intermediary channels.

Hanley Economic Building Society head of marketing and business development David Lownds says: “In terms of this particular product launch, the fee-free option and five-year fixed rate term should offer some degree of certainty in uncertain times and help borrowers to keep initial costs down. When combined with a competitive rate and expansive criteria, we feel that this will prove to be an attractive option for our intermediary partners and their clients.”