Newbury Building Society has announced cuts to the interest rates of its affordable housing product range, for both fixed and variable products, to help buyers in England and Wales looking for alternative routes to homeownership.

The changes include cuts to a pair of Shared Ownership products fixed at two and three years with 95% LTV, that are both down from 3.39% to 2.99% respectively. A similar product fixed at five years has been cut to 3.39%, down from 3.79%.

The society also announced a cut to its Help to Buy three-year fixed product with 75% LTV – which now sits at 1.89%, down from 1.99% – and another cut to a Shared Ownership three-year discount with 95% LTV, down to 2.59% from 2.99%.

The latest price cuts followed the society’s recent decision to open the 95% LTV three and five-year fixed rate and the 95% LTV three-year variable Shared Ownership products to existing borrowers, and those looking to remortgage with the society.

“We are constantly looking to improve our product offering for those looking to purchase using an affordable housing scheme,” Newbury Building Society lending manager, Roger Knight, commented.

“We take pride in talking and listening to both customers and brokers to help ensure we respond to market demands appropriately. We believe these reductions will further help those with a smaller deposit step onto the property ladder and fulfil their homeownership aspirations.”

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