The Cambridge Building Society has cut rates and removed the fees across its fixed-rate shared ownership mortgage range.

The mutual has reduced rates on its two-year and five-year fixed rate 90% and 95% loan-to-value mortgages.

Its whole of market two-year fixed rate shared ownership mortgage product at 90% LTV falls to 3.09% from 3.49% and five-year deals move to 3.29% from 3.99%.

The firm’s two-year and five-year fixed-rate shared ownership loans at 95% LTV, available exclusively through broker network Mortgage Advice Bureau, are also cut to 3.59% from 3.99% and to 3.89% from 4.24%, respectively.

Currently, these 95% LTV products are only available direct and through Mortgage Advice Bureau advisers.

Its shared ownership range is available for purchase, remortgage, further advance and product switch for loans between £20,000 and £400,000.

The move comes as the Bank of England shied away from an immediate rise in interest rates, leaving the benchmark at the historic low of 0.1%, even as it published its highest inflation forecast for a decade, forecasting it would hit 5% next April.

The mutual also removed application fees and completion fees from its shared ownership mortgage range, which it says will save borrowers £700.

It adds that it offers lenders free valuations on all products in this range.

Cambridge Building Society product manager Dan Barker says: “As experts in homes and housing, being a responsible lender and a support to local communities, we know how vital it is to offer our members competitively-priced products to enable them to have access to appropriate homes and housing.”