Mansfield Building Society has become the latest lender to launch a Help to Buy equity loan product.

The society is offering a three-year variable rate product starting at a discounted rate of 3.49%.

At the end of the discount period it will switch to the standard variable rate, currently 5.59%.

Although other shared equity lending is restricted to regional borrowers, the Help to Buy product will be available across England.

Mansfield follows high street banks such as Santander and Halifax as well as building society heavyweights Nationwide and Leeds in creating a Help to Buy product.

The mortgage has an application fee of £199 and a completion fee of £800, which will be added to the loan.

The valuation fee will be refunded on completion up to a maximum of £400. It is available for home purchase up to a maximum of £450,000.

Maximum capital repayment is 10% of the agreed advance each year.

Applications must be accompanied by confirmation from the HomeBuy agent that applicants are eligible for the scheme.

In May, Mansfield launched a range of 95% loan-to-value shared ownership mortgages aimed at first-time buyers.