West Brom Building Society has reduced rates on two-year shared ownership and new build mortgage products.

As part of the changes, the society has lowered 95% borrower share product, with no fee to 5.24%.

Rates across the rest of the shared ownership range have also been reduced and end dates have been extended from June to September.

For those buying new build homes, The West Brom has trimmed two-year rates by as much as 47 basis points and now start from 4.77% for customers with a 10% deposit.

At 95% loan-to-value (LTV), rates have been lowered to 5.54%. This product includes no fees and comes with £500 cashback.

In addition, a new 90% LTV option has been introduced at 5.28% with a fee of £999.

West Brom Building Society product manager Aran Mann says: “We know buying your first home isn’t easy, especially in the current environment, so we’re doing what we can to make it more achievable.”

“That’s why we’ve tailored our range of shared ownership and new build deals to give customers more support and more ways to make homeownership happen.”

Meanwhile, Newcastle for Intermediaries has reduced the rates of its shared ownership range by up to 0.55%.

The range is available to new home buyers and those looking to re-mortgage and now offers £200 cashback on selected products.

As part of the updated range, a 4.75% fixed rate until 31.08.2027 (6.7% APRC) is available, and comes with a £999 product fee, 10% overpayments and early repayment charges of 2% until 31.08.2026 then 1% until 31.08.2027.

The products are available to those with a maximum household income of up to £80,000 or £90,000 in London, with a maximum loan amount available being 95% LTV of the borrower’s share.

The range also offers staircasing, providing shared ownership buyers the opportunity to increase their share in the property up to 100% of the value in minimum increments of 5%.

Newcastle Building Society national account manager Michelle Ash comments: “Our shared ownership proposition is one way Newcastle Building Society is trying to make home ownership more accessible and more affordable, especially in today’s market.”

“By lowering rates, we’re reaffirming our commitment to helping mortgage brokers support their clients with flexible, sustainable solutions that open the door to a better financial future.”