It introduces new fee-free deals for high LTV borrowers
Hanley Economic Building Society has expanded its residential mortgage offerings with the introduction of a couple of fee-free mortgage products.
The new products are a two-year fixed rate mortgage at 95% loan-to-value (LTV) and a two-year variable discount mortgage at 90% LTV.
The two-year fixed rate mortgage is available at a rate of 5.75% and is designed for borrowers seeking home loans that allow only a 5% deposit. The two-year variable discount mortgage, which offers a 3.19% discount off the mutual’s standard variable rate of 8.49%, has a headline rate of 5.30%.
Both products aim to reduce upfront costs for borrowers. They come with a free property valuation, no application or arrangement fees, and a £250 cashback upon completion. The mortgages are available for both purchases and remortgages across England, Wales, and Scotland, with Scottish Islands considered on a referral basis.
Each application will be individually assessed by the society’s in-house underwriting team without the use of credit scoring. These products can be accessed through Hanley Economic Building Society branches and selected intermediary channels.
“As a lending community, it’s essential to support a diverse range of borrowing needs,” said David Lownds, head of products and marketing at Hanley Economic Building Society. “By eliminating upfront fees, we strive to make homeownership more attainable and affordable, particularly at the higher LTV bands.
“On the back of increasingly attractive mortgage rates, growing consumer confidence, and more favourable economic conditions, activity levels are expected to rise in the coming months. And the intermediary market remains best positioned to ensure that the needs of both first-time buyers and those seeking to remortgage are met through a variety of innovative and competitive solutions.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
