"It’s vital that we, as a lending community, continue to offer an array of options to meet these varied demands"
- David Lownds - Hanley Economic Building Society
The highlight of this residential product suite comes in the form of a fee-free and ERC-free five-year variable discount mortgage which is available on an interest-only basis. This comes with a headline rate of 5.79%, representing a 2.70% discount from the Society’s standard variable rate of 8.49%, and is available up to 60% LTV.
In a bid to reduce upfront fees, this also includes a free valuation alongside no application or arrangement fees.
Other new products added to Hanley’s residential lending proposition include a two-year fix with a headline rate of 4.75%, available up to 80% LTV; a purchase-only two-year 95% LTV fixed rate with a headline rate of 5.32%, a two-year remortgage-only variable discount mortgage at 5.00% up to 90% LTV and, finally, a two-year 6.00% variable discount mortgage up to 95% LTV.
All these products are applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral), and come with a minimum loan size of £30,000 and a maximum loan size 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, commented: “As we enter Q2 2024, volumes and expectations are slowly rising across the housing and mortgage markets after what has proved to be an encouraging start to the year from both an industry and wider economic perspective.
“Consumer confidence is steadily growing and we are currently experiencing increased appetite from first-time buyers, second-steppers and those looking to remortgage who have become more aware of the new interest rate norm. Meaning it’s vital that we, as a lending community, continue to offer an array of options to meet these varied demands.”
