The Nationwide Building Society is introducing a new range of shared equity mortgage deals on 28 January.

They will cover all schemes including the government’s expanded London Help to Buy Equity Loan scheme, which will be open for mortgage applications from 1 February.

Under the original scheme, the government provided customers purchasing a new build home with an equity loan of up to a maximum of 20% of the purchase price, with the customer providing a minimum 5% cash deposit. From 1 February, this will be extended so that borrowers in the London boroughs will be able to apply for an equity loan of up to 40%, thereby allowing customers to access a mortgage at a lower loan-to-value (LTV).

The maximum property price for the scheme in England remains at £600,000, including in Greater London, with different thresholds for the schemes in Scotland and Wales. More than three quarters of Help to Buy Equity Loan borrowers are first time buyers, who qualify a £500 cashback on a Nationwide mortgage deal, with or without a fee.

In addition, all Nationwide mortgage applicants can access a fee-free standard valuation, plus a further £250 cashback if they have a Nationwide Flex main current account.

Nationwide is providing other rates as part of a separate shared equity range, which includes the Help to Buy Equity Loan schemes. The two-year fixed rate products at 60% LTV are 1.89% with a £999 fee and 2.29% with no fee. At 75% LTV, two-year fixed rates start at 1.99% with a £999 fee and 2.39% with no fee.

Rates for the five-year fixed rate shared equity products start at 2.64% for those up to 60% LTV with a £999 fee and 2.84% with no fee. At 75% LTV, rates start at 2.74% with a £999 fee and 2.94% with no fee.

With the two-year tracker mortgages deals, shared equity products start at 1.64% with a £999 fee and 2.04% with no fee up to 60% LTV. These tracker products are free of early redemption charges.

Henry Jordan, Nationwide’s head of mortgages, said: “Nationwide is launching a range of competitive shared equity products ahead of the launch of the expanded London Help to Buy scheme, enabling homebuyers to access a choice of mortgage deals with fee-free valuations as well as a £500 cashback for first time buyers.

“The Society has provided a substantial proportion of mortgages for the Help to Buy Equity Loan scheme since its launch, and will continue to do so as it is expanded, continuing to help first time buyers and home movers to secure a home of their own.”