The Hanley Economic Building Society has launched a no-fee two-year shared ownership fixed rate deal at 95% LTV with a headline rate of 2.99%.
The product will allow borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit.
There are no application or product fees on this deal, and the minimum loan amount is £30,000, with a maximum of £500,000. If this mortgage is repaid in full before 31 March 2021 an early repayment charge will apply. This will be 2% of the balance repaid during this period.
Meanwhile, the Hanley has also launched a 2.85% two-year fixed rate mortgage at 95% LTV which is also available for house purchase and remortgage purposes. It has a £250 application fee and comes with one free standard valuation and free legals for remortgage customers.
The minimum loan amount is £30,000, with a maximum of £500,000. If this mortgage is repaid in full before 31 March 2021 an early repayment charge will apply. This will be 2% of the balance repaid during this period
Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and both products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
David Lownds, head of marketing & business development at the Hanley Economic Building Society, said: “Although these products are also available on a remortgage basis, we expect them to generate great interest amongst the growing number of first-time buyers whose appetite for homeownership only appears to be rising despite lingering political and economic uncertainly.
“With a variety of borrowers needing all the support they can get, we are delighted to be in a position to improve our higher LTV offering to increase competition within this narrow lending band. Shared ownership is an important initiative for first-time buyers, and we are looking to utilise this product range to help even more homebuyers and intermediaries realise the vast potential attached to it.”