The products are available up to a maximum 95% loan-to-value and include a three-year fixed rate at 5.19% with £299 in fees.

Chief executive Gev Lynott said: ““We are confident that these new products will prove to be very popular with those who, initially at least, cannot afford to buy a home outright.

“These are difficult times for first-time buyers but The Mansfield is an ideal starting point for anyone thinking about buying their own home.”

Mansfield Building Society lends to buyers in the East Midlands and other selected areas including South Yorkshire, Northamptonshire, Rutland and Cambridgeshire.

The shared ownership products allow borrowers to purchase 25-75% of the property’s market value and pay rent on the remaining portion. Borrowers can usually buy additional shares at a later date.