The Hanley Economic Building Society has extended the LTV on new build houses and flats to 95% across selected products within its residential mortgage range, including a shared ownership offering.
The mutual says its move is in response to increased demand from intermediary partners where growing numbers of clients are reported to be seeking higher LTV lending options across a range of new build property types.
Products within Hanley’s residential range with lending of up to 95% LTV on new build properties are:
- A two-year 3.45% shared ownership variable discount mortgage
- A five-year 2.95% discount mortgage
- A two-year 3.49% fixed rate mortgage
David Lownds, head of marketing & business development at the Hanley Economic Building Society, said: “Many lenders have, in the past, avoided some areas of new build due to a lack of appetite and portfolio risk. Thankfully times are changing – albeit slowly – and therefore there are still only a few providers lending up to 95% LTV on both houses and flats.
“We are delighted to be in a position to extend our offering to increase competition within this narrow lending band. As a forward-thinking building society we are always looking for ways to evolve and innovate to meet the changing needs of all types of buyers.
“Greater choice, backed by a flexible and experienced manual underwriting process, will help even more homebuyers and intermediaries across the UK to realise the vast potential attached to the new build sector.”