Examples of shared ownership rate changes include its five-year fixed residential purchase rate at 95 per cent loan to value (LTV) with a £999 fee priced at 5.64 per cent.
The lender’s three-year fixed residential remortgage rate at 95 per cent LTV with a £999 fee has fallen to 5.74 per cent. It is subject to a £350 valuation fee contribution and £250 cashback towards legal fees.
Becky Wheeler, marketing and product manager at Tipton and Coseley Building Society, said: “The Tipton has once again responded by supporting borrowers with these new competitive rates for our shared ownership products. These new rates will help brokers and their clients who are seeking to make their first step onto the property ladder.”
Shared ownership remains an important scheme, especially in light of Help to Buy coming to an end this year.
The government made some reforms to the scheme including reforms to rents as well as staircasing and minimum stakes for purchase.
Shared ownership has come under some scrutiny in recent weeks with the Department for Levelling Up launching an inquiry into the scheme.
Dr Alison Wallace, senior lecturer in social policy and housing, Centre for Housing Policy, University of York, said to the Levelling Up, Housing and Communities Committee that the entry cost to becoming a shared homeowner was low compared to other options but the overall costs can be unpredictable.
Clarion chief executive Clare Miller said to the committee that shared ownership was more similar to private renting rather than being a homeowner.
