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06 October 2023

Hanley Economic Building Society has announced the launch of three new residential products up to 95% LTV.

The first product is a two-year fee-free fixed rate mortgage available up to 95% LTV with a headline rate of 6.39%. This product is available for purchase and remortgage purposes and includes a free valuation alongside no application or arrangement fees.

The second is a two-year fixed rate product with a headline rate of 5.79%, up to 80% LTV. This comes with a free valuation, a £250 contribution to remortgage legals, a £649 arrangement fee – deducted from the loan on completion - and is available for purchase or remortgage purposes.

The final product is an interest-only variable discount mortgage for term with a headline rate of 5.39%, which represents a 2.60% discount from the society’s standard variable rate of 7.99%. This is available up to 60% LTV and has an arrangement fee of £1,000 – deducted from the loan on completion - alongside a free valuation and a remortgage legals contribution. It is available for purchase and remortgage purposes.

These products are applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral) and come with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.

Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and these products are available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, Head of Products and Marketing at Hanley Economic Building Society

“It’s evident that challenges remain for an array of borrowers but falling inflation and the recent pause in the relentless interest rate rise indicates a greater level of conviction around the future of the UK economy, with some cautious optimism also emerging across the housing and mortgage markets.

“How this relates to ongoing activity levels across the purchase and remortgage arena remains to be seen. However, as a lender, it’s important to provide options which can help support any pent-up demand and we hope that the release of this product set will help stimulate further interest amongst our intermediary partners.”