The five-year fixed rate product has a rate of 4.89%
Hanley Economic Building Society has introduced a fee-free 95% loan-to-value (LTV) five-year fixed rate into its residential product range.
The mutual said the fee-free five-year fixed rate product had a headline rate of 4.89% and was available for purchase and remortgage purposes on properties throughout England, Wales, and Scotland.
The product includes a free valuation and has no application or arrangement fees. It also comes with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
According to Hanley Economic, each case will be assessed on an individual basis by its in-house underwriting team, meaning no credit scoring, and these products are available through the society’s branch network and selected intermediary channels.
In March, Hanley Economic launched three new fixed rate products up to 95% LTV.
“Positive strides are being made across the housing and mortgage markets in the wake of increased economic stability and we, as a lender, are experiencing a slight uplift in the number of first-time buyer enquiries from our intermediary partners which signifies an encouraging development,” David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, said.
“Adjustments are being made by an array of potential borrowers to a higher interest rate norm, and we remain committed to servicing the needs of FTB’s when and where we can. As such, we have extended our 95% LTV range to include a competitive fee-free five-year fix which should help provide lower deposit borrowers with a little extra security and lessen upfront costs.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
