Hanley Intermediaries has launched a fee-free 3.75% five-year fixed rate shared ownership mortgage up to 95% loan to value (LTV).

The product will allow 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 product fees on this product, it comes with one free standard valuation and the minimum loan amount is £30,000, with a maximum loan amount of £500,000. This is also available on new build houses and flats 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, head of marketing & business development at Hanley Economic Building Society, said: “Shared ownership is a key specialist market for Hanley Intermediaries and forms an important part of a wider product push to help more first-time buyers onto the property ladder. Over the past four years we have doubled our lending in the shared ownership sector and plan to further extend this number over the course of the next two to three years.

“In terms of this particular product launch, the fee-free option and five-year fixed rate term should offer some degree of certainly in uncertain times and help borrowers to keep initial costs down. When combined with a competitive rate and expansive criteria, we feel that this will prove to be an attractive option for our intermediary partners and their clients.”