Hanley Economic Building Society has launched four new mortgage products.
The new products include an 80% LTV buy-to-let discount, a fee-free 95% LTV term discount, a two-year fixed rate Shared Ownership deal and an interest-only term discount option.
The first product is a buy-to-let variable discount mortgage for term with a headline rate of 3.99%, which represents a 3.00% discount from the society’s standard variable rate of 6.99%. This is available up to 80% LTV with an arrangement fee of £299 and is available for purchase and remortgage purposes.
The second is a fee-free 95% LTV variable discount mortgage for term with a headline rate of 3.99%, which represents a 3.00% discount from the society’s standard variable rate of 6.99%. This product is only available for purchase business and includes a free valuation alongside no application or arrangement fees.
The third is a 5.90% no-fee, two-year shared ownership fixed rate. This will allow borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit. This includes a free valuation and no application or product fees.
The final product release is an interest-only variable discount mortgage for term with a headline rate of 3.14%, which represents a 3.85% discount from the society’s standard variable rate of 6.99%. This is available up to 60% LTV and has an arrangement fee of £1,000 alongside a free valuation and a remortgage legals contribution. It is available for purchase and remortgage purposes
The four products are applicable for properties throughout England & Wales. The residential products are also available in 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 (pictured), head of marketing & business development at Hanley Economic Building Society, said: “This represents an exciting start to the year for Hanley as we look to extend our Q1 lending by delivering a range of solutions which meets any pent-up demand that may have built up over the latter part of 2022 when uncertainty coursed through the mortgage market and the wider economy.
“Despite some much-welcomed market stability emerging, 2023 is set to be a challenging year for many borrowers. Meaning that access to an array of viable options and flexible manual underwriting processes will prove more important than ever in meeting ever-shifting borrowing needs over the course of the next 12 months.”
