The products are available for purchase and remortgage
Hanley Economic Building Society has launched three new fixed rate products up to 95% loan-to-value (LTV).
The first product is a two-year fee-free fixed rate mortgage available up to 95% LTV with a rate of 5.60%. It is available for purchase and remortgage, and includes a free valuation, alongside no application or arrangement fees.
Another is a two-year fixed rate product with a rate of 4.85%, up to 75% LTV, available for purchase or remortgage. It comes with a free valuation, a £250 contribution to remortgage legals, and a £1,000 arrangement fee.
The third one, also available for purchase or remortgage, is a four-year fixed rate mortgage with a 4.59% rate, up to 60% LTV. It also comes with a free valuation, a £250 contribution to remortgage legals, and a £1,000 arrangement fee.
The products are applicable for properties throughout England, Wales, and Scotland, with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
Hanley Economic said each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, with the products available through the building society’s branch network and selected intermediary channels. Its complete list of mortgage products can be viewed online through the mutual’s website.
Read more: What are the types of mortgage in the UK?
“There has been a keen sense of anticipation among borrowers and the intermediary community around how lenders will approach the early part of 2023 due to many potential buyers and homeowners adopting a wait-and-see attitude over the later part of 2022,” David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, commented. “This was inevitable during some uncertain economic times but, it’s fair to say, that we are now operating on some firmer footings from an economic perspective, and competition in the lending arena is really starting to heat up.
“The first two months of the new year have seen us demonstrate our lending appetite and intentions through a host of product launches, and there is more to come as we aim to provide our intermediary partners with viable and attractive options to service a variety of client requirements moving forward.”
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