The Skipton Building Society has launched 95% LTV shared ownership products.

The launch follows government changes to the shared ownership scheme which allows people will be able to buy their home in 1% chunks, rather than being forced to save up 10% at a time.

Skipton’s four new 95% LTV products for shared ownership, which are available to purchase both residential houses and flats up to a term of 35 years, offer two year fixes at 2.81% with £495 fee and fee free 3.27%, and five year fixes at 3.25% with £495 fee and fee free 3.75%.

These are available direct from Skipton or through intermediaries.

Alex Beavis, the Skipton’s head of mortgages, said: “The government’s reforms to shared ownership are a sensible and very welcome change for both existing and would-be shared owners.

“Despite house price growth slowing across many parts of the UK, the average house price is still out of reach for many prospective homeowners.

“The previous 10% threshold for additional share purchases made the goal of full homeownership even more unrealistic, so a reduction to 1% is a positive step and will help make purchasing an additional stake in a shared ownership home a more affordable and achievable goal.

“First-time buyers need to be given greater flexibility when taking out a mortgage. By extending our range of 95% LTV products to include shared ownership, we are giving first-time buyers an opportunity to get onto the housing ladder sooner than they might have expected.”