Hanley Economic Building Society has announced the launch of a fee-free two-year fixed rate shared ownership mortgage available up to 95% loan-to-value (LTV) with a headline rate of 5.64%.

This product will offer borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit. There are no application or arrangement fees and it also comes with a free standard valuation.

There is a minimum loan amount of £30,000 and a maximum loan amount of £500,000 on the shared ownership product and this is available on properties throughout England and Wales, including new build houses and flats up to 10 floors.

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and the product is available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said: “The shared ownership conversation is escalating and the intermediary market will continue to play a key role in helping a variety of borrowers to carefully assess their options in the midst of what remains a challenging economic environment for many.

“Although this is a product which is available for both purchase and remortgage purposes, we expect this to be popular option for first-time buyers who still harbour strong homeownership aspirations and are fully equipped with the necessary information to head down the shared ownership route.”