Newbury Building Society has introduced two new, 3-year fixed products at 85% LTV (of share) for shared ownership customers.

New customers can benefit from a three-year fixed at 5.89%, while a three year fixed for existing borrowers is 5.79%.

The fixed rate products can be used to acquire a shared ownership property with a minimum deposit of 15% of the share purchased.

Other shared ownership products with a 5% deposit remain available.

The new products come with no application or booking fee.

Newbury Building Society Sales Manager Karen Smith says: “The society recognises that customers are looking to put higher deposits down on shared ownership mortgages in order to lower monthly repayment costs and ease the strain caused by the current cost of living environment.

“We’re constantly considering ways to reward our existing borrowers, as well as adapt our product offering in response to the needs of new borrowers.

“Shared ownership continues to be a popular choice for those wanting to secure their first home in a market where rental demand is currently outstripping supply.

“We hope these two new 85% LTS products will help new and existing borrowers secure their first or next property.”