The Leeds Building Society has lowered the rate on its two-year fixed rate shared ownership mortgage, available up to 95% borrower’s share, by 0.70 percentage points to 4.99%.

It also offers a free standard valuation up to £335 and has no higher lending charge.

It comes with a £200 completion fee and £199 booking fee. It has tapered early repayment charges of 3% of the amount redeemed in year one and 2% in year two.

Phil Coombes (pictured), Leeds Building Society’s head of intermediary sales, said: “We are all well aware of the difficulties facing first time buyers buying a home. They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage.

“Our two-year fixed rate shared ownership product, at only 4.99% following a rate cut of 0.70%, is ideal for clients who have saved for a deposit but cannot buy a property in their own right. There is no doubt that this product will prove attractive to those clients who are ready to make the first step into home ownership.”