Leeds Building Society is now offering borrowers who want a shared ownership mortgage a new five-year fixed rate deal at 5.39%.

The mortgage is available up to 95% of the borrower’s share of the property value. The maximum loan amount is £500,000.

It comes with a £199 booking fee and no arrangement fee. There is a free standard valuation up to £335.

Martin Richardson, Leeds Building Society’s general manager, business development, said: “We’ve introduced this five year version of our shared ownership mortgage responding to feedback from brokers and customers that there was demand for a longer-term fixed rate deal.

“This mortgage comes with a low fee of £199 and a free standard valuation, which will help to lower upfront costs for borrowers.

“Shared ownership mortgages are just one of the ways we can help borrowers with smaller deposits and we are unusual among lenders in offering traditional 95% LTV (loan to value) mortgages, as well as through the government’s Help to Buy Equity scheme.”