West Brom Building Society has reduced selected shared ownership mortgage rates by up to 0.65% and returned to the shared ownership remortgage market.

The society said the changes were designed to support borrowers with smaller deposits, including those buying through shared ownership and customers looking to refinance.

Among the changes is a two-year shared ownership 95% loan-to-value purchase product with no fee, reduced from 5.99% to 5.43%.

West Brom has also launched a two-year shared ownership remortgage product at 95% LTV with no fee, priced at 5.60% and offering £250 cashback.

The lender has also reduced rates across parts of its core residential range. This includes a two-year 95% LTV purchase product with no fee, cut from 5.40% to 5.35%.

John Philips, senior product manager at West Brom Building Society, said: “Our ongoing focus is to support customers in achieving their homeownership goals, particularly those with smaller deposits who may face greater affordability challenges.

“These latest Shared Ownership reductions are designed to make a meaningful difference, helping more people take that important first step.”

“We’re also pleased to be returning to the Shared Ownership remortgage market, ensuring existing customers have access to competitive options when reviewing their mortgage.

“Alongside this, reductions in our 95% LTV core range can have a real impact, and we’re proud to offer products that stand out strongly in a competitive market.”