Newbury Building Society has reduced rates on its shared ownership variable mortgage.
The product has been reduced from 3.24 per cent to 2.99 per cent, taking the rate below that offered on the society’s current three-year fix, currently at 3.99 per cent.
There is no early repayment charge applied and Newbury says this is to allow borrowers the flexibility to leave their mortgage early.
The product is available up to 95 per cent of the share the borrower is buying and can be used to purchase new build properties; both houses and flats.
Newbury Building Society lending manager Roger Knight says: “We’re delighted to further help those looking for a shared ownership mortgage by reducing our three-year discount mortgage product. No ERC means the borrower is able to clear their mortgage early with no penalty charges or exit the mortgage when they wish.
“This type of mortgage is perfect for those who value their flexibility or if their circumstances unexpectedly change.”