Darlington Building Society has returned to the shared ownership market.
The shared ownership mortgage is a 5-year fixed rate priced at 3.99%, reverting to the standard variable rate of 5.95% at the end of the fixed-rate period.
Additionally to further keep costs down, the product comes with no product fees and the society will also contribute towards borrower’s valuation fees.
The society will lend up to 95% loan-to-share and the product will be available exclusively through its intermediary channel.
Darren Ditchburn, chief customer officer at the Darlington, said: “We’re delighted and hugely excited to be back in the shared ownership market, and this new product reaffirms our commitment to helping more people get onto the property ladder.
“We’ve thought long and hard about the right product to re-enter into this market with and we believe that a five-year fixed rate will provide new borrowers with security that their payments will be fixed for a number of years.
“The 95% loan-to-share reduces the requirement for a large deposit from the borrower, making home-ownership more accessible for people who want to get on to the property ladder.”
The product forms part of the society’s range of first-time buyer propositions, such as its Help to Buy and Step On (up to 95% LTV) mortgage products.