The firm aims to strengthen its residential product offering
Hanley Economic Building Society, a consumer banking company, has announced its latest move in strengthening its residential product offering through a suite of fixed rate and variable discount mortgages.
The highlight of Hanley’s move includes a five-year variable discount mortgage available on an interest-only basis which is free of fees as well as ERC. It has a headline rate of 5.79%, which represents a 2.70% discount from Hanley’s standard variable rate of 8.49%. It is also available up to 60% LTV. This will also include a free valuation with no application or arrangement fees.
“As we enter Q2 2024, volumes and expectations are slowly rising across the housing and mortgage markets after what has proved to be an encouraging start to the year from both an industry and wider economic perspective,” said David Lownds, head of products and marketing at Hanley Economic Building Society.
“Consumer confidence is steadily growing, and we are currently experiencing increased appetite from first-time buyers, second steppers and those looking to remortgage who have become more aware of the new interest rate norm - meaning it’s vital that we, as a lending community, continue to offer an array of options to meet these varied demands.”
Also included in Hanley’s residential lending proposition are a two-year fix that has a headline rate of 4.75%, which is available up to 80% LTV, a purchase-only two-year 95% LTV fixed rate that has a headline rate of 5.32%, a two-year remortgage-only variable discount mortgage at 5.00% up to 90% LTV, and a two-year 6.00% variable discount mortgage of up to 95% LTV.
The products can be applied to properties throughout England, Wales, and Scotland and will come with a minimum loan size of £30,000 and a maximum loan size of £500,000. Cases will be assessed individually by an in-house underwriting team, which means that there will be no credit scoring. The products can be availed through Hanley’s branch network and selected intermediary channels.
