New high-LTV and retirement interest-only options offer enhanced flexibility for borrowers
Hanley Economic Building Society has unveiled four new mortgage products across its residential and retirement interest-only (RIO) ranges.
The mutual has expanded its high loan-to-value (LTV) residential offering by launching a two-year fixed rate mortgage at 5.39% for loans up to 90% LTV and a two-year fixed rate mortgage at 5.64% for loans up to 95% LTV.
Both products feature no application or arrangement fees, a free valuation, and £250 cashback upon completion. These mortgages, designed for purchase and remortgage purposes, feature a minimum loan size of £30,000 and a maximum loan size of £500,000.
In its RIO mortgage range, Hanley Economic has introduced two additional options, including a fee-free five-year fixed rate product with a 5.93% interest rate for loans up to 65% LTV. Borrowers can also choose a two-year variable discount RIO mortgage with an initial pay rate of 5.55%, reflecting a 2.94% discount on the lender’s standard variable rate of 8.49%. The latter product is available for loans up to 50% LTV and carries a non-refundable £299 arrangement fee.
Both RIO products allow overpayments and cater to retired applicants aged 55 or older. Loans under the RIO range have a minimum size of £30,000, with maximum loan limits of £2 million at 50% LTV and £1.5 million at 65% LTV. The products can be used for both purchase and remortgage purposes.
All newly launched products are available for properties in England, Wales, and Scotland, with applications assessed individually by the building society’s in-house underwriting team. Hanley does not use credit scoring for its assessments, and the products are accessible through its branch network and select intermediary channels.
“The introduction of the high LTV options comes at a critical time as we seek to help more purchasers ahead of the upcoming Stamp Duty changes, and by reducing upfront fees, we hope they will prove an attractive choice for borrowers,” said David Lownds (pictured), head of products and marketing at Hanley Economic Building Society.
“Additionally, the expansion of our RIO mortgage range provides invaluable support for borrowers in later life, reinforcing the Society’s dedication to meeting diverse customer needs across various life stages.”
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