Its two-year 95% LTV fee-free fixed rate product gets a 0.70% rate cut
Hanley Economic Building Society has provided additional support for first-time buyers with a 0.70% rate cut on its two-year 95% loan-to-value fee-free fixed rate product.
With the rate reduction, the headline rate now stands at 5.69%, a decrease from the previous 6.39%. The product features no upfront fees, includes a complimentary valuation, and no application or arrangement fees.
The two-year fixed rate offering is applicable to properties across England, Wales, and Scotland, with Scottish Islands considered on a referral basis. The product sets a minimum loan amount of £30,000 and caps the maximum loan amount at £500,000.
“First-time buyers have certainly not had it easy over the past 12 to 18 months and, as a lending community, we need to do all we can to ensure they have access to a range of innovative, competitive options which can help them onto the property ladder in a responsible manner,” commented David Lownds (pictured), head of products and marketing at Hanley Economic Building Society.
“By removing any upfront fees at the 95% lending band, we can help reduce some financial burdens which potential buyers can put towards a deposit and not have to add onto their mortgage. We expect Q1 to deliver some pent-up first-time buyer demand, and we are committed to servicing these needs where possible.”
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