Tipton and Coseley Building Society has launched a shared ownership range at 3.69% fixed for two years to 90% loan-to-value of the share being purchased.
The maximum loan amount is £250,000 and there are no product fees, while remortgage applications are offered free standard legal fees.
Richard Groom, head of mortgage sales, said he is confident this new product will prove popular.
He added: “These are still difficult times for potential homeowners which is why we’re doing all we can to help.
“This new competitive fixed rate will protect borrowers from increases in monthly mortgage payments if interest rates rise.
“Also, what sets us apart from many of the national lenders is how we process mortgage applications.
“Unlike others in the industry we don’t credit score mortgage applicants.
“We don’t believe that one size fits all and we prefer to assess all applications on a case-by-case basis.”