It launches a variable discount expat product and a two-year fixed rate remortgage-only deal
Hanley Economic Building Society has expanded its buy-to-let mortgage range by launching a new variable discount product for expats and a two-year fixed rate remortgage deal, both available at up to 80% loan-to-value (LTV).
The expat-targeted buy-to-let mortgage offers an initial interest rate of 5.89%, which includes a 2.60% discount off the society’s standard variable rate of 8.49%. The product is open for both purchasing and remortgaging properties, with a free property valuation, a non-refundable application fee of £299, and a £700 arrangement fee, the latter of which is deducted from the loan amount upon completion.
The mutual has also introduced a two-year fixed rate mortgage specifically for remortgaging, also available up to 80% LTV. The product features a 5.35% interest rate, including a free valuation, and a £700 arrangement fee deducted at completion.
Both mortgage products are structured on an interest-only basis, requiring a minimum loan of £30,000 and capping at £500,000. The products are accessible through the society’s branch network and a select group of intermediaries.
“We fully appreciate that the BTL lending landscape remains challenging for sections of the landlord community, but it will also continue to provide a wealth of opportunities along the way, provided they have access to a range of options which can help meet their ever-shifting needs,” said David Lownds, head of products and marketing at Hanley Economic Building Society.
“Our expat offering was first introduced back in 2020, following substantial due diligence and extensive intermediary feedback and, with UK investment opportunities proving to be increasingly attractive, we hope this new offering will prove to be a popular option in what is a somewhat underserved area of the BTL market.”
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