According to the lender, its new five-year fixed rate buy-to-let remortgage special has a headline rate of 3.03% and is available up to 80% LTV. It comes with a £750 product fee and a valuation fee which is subject to property value.
The second new product is a five-year no-fee fixed-rate residential remortgage special with a headline rate of 2.05%, available up to 85% LTV. There are no application or products fees and this also comes with one free standard valuation and free legals.
Both products are applicable for properties throughout England and Wales whilst the residential remortgage special is also available for properties in Scotland. They have a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
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 Hanley Economic Building Society, commented: “It’s clear that the remortgage market has started 2022 with a bang. And, with the Bank of England raising interest rates for the second time in three months to 0.50%, demand amongst homeowners and landlords who are in a position to take advantage of some highly competitive rates is set to intensify.
“In order to satisfy these demands, choice is vital for such borrowers when it comes to the length of product terms, access to higher LTV lending and in lowering upfront costs. We believe this product pairing will prove attractive to our intermediary partners and help provide a competitive new option within the remortgage market.”
