West Brom Building Society has reduced rates across its Shared Ownership mortgage range by up to 0.12%, improving affordability for first time buyers.

The society has made reductions across its two, three and five-year fixed rate Shared Ownership purchase products at 95% loan-to-value (LTV

The changes include its two-year fixed rate purchase mortgage at 95% LTV reduces by 0.12% from 5.96% to 5.84%. Its three-year fixed rate purchase mortgage at 95% LTV reduces by 0.10% from 5.88% to 5.78%, while the five-year fixed rate purchase mortgage at 95% LTV reduces by 0.11% from 5.98% to 5.87%, all with no fees.

Commenting on the rate tweaks, West Brom Building Society senior product manager John Phillips said: “Shared Ownership can provide a valuable stepping stone for customers who are ready to buy but may not yet be in a position to purchase a property outright. By reducing rates across our Shared Ownership range, we’re making these products more competitive and helping more customers explore a realistic route into homeownership.”