Skipton Building Society has unveiled their 95% shared ownership products following government changes to the scheme.
The government recently has allowed people to buy their home in 1% increments rather than being forced to save up to 10% at a time.
Skipton’s four new 95% LTV products for shared ownership offer 2-year fixes at 2.81% with a £495 fee and a fee free product at 3.27%.
The other products available include 5-year fixes at 3.25% with a £495 fee and a fee free product at 3.75%.
Alex Beavis (pictured), head of mortgages at Skipton, 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.”