Newbury Building Society has introduced a new variable rate product at 2.99%, further improving its Shared Ownership mortgage offering.

While the product is available for purchasers with a maximum loan value of 95%, the product also has no application fees, comes with a free valuation and has no early repayment charge (ERC). With no upfront costs to pay, the buyer has the freedom to leave the mortgage whenever they like without being charged.

“As a Society, we are committed to providing accessible mortgage for those looking to purchase through the Shared Ownership scheme with a minimum deposit,” said Roger Knight, lending manager at Newbury Building Society.

The product is a bonus for those looking for flexibility and hugely accessible for a range of purchasers across England and Wales looking for a specific Shared Ownership mortgaging, including new builds, flats and houses.

Knight added: “We’re excited to be able to offer this variable mortgage product at a competitive rate and help more people across England and Wales take their first step onto the property ladder.”