It is available for house purchase or remortgage on properties throughout England and Wales
Hanley Economic Building Society has launched a fee-free two-year fixed rate shared ownership mortgage available up to 95% loan-to-value (LTV) with a headline rate of 5.64%.
The mutual said the new product will offer borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit. It added that there are no application or arrangement fees, and that it also comes with a free standard valuation.
The product has a minimum loan amount of £30,000 and a maximum of £500,000, available on properties throughout England and Wales, including new build houses and flats up to 10 floors.
The lender assured borrowers that each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and the product is available through the Hanley Economic Building Society branch network and selected intermediary channels.
“The shared ownership conversation is escalating, and the intermediary market will continue to play a key role in helping a variety of borrowers to carefully assess their options in the midst of what remains a challenging economic environment for many,” David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said.
“Although this is a product which is available for both purchase and remortgage purposes, we expect this to be popular option for first-time buyers who still harbour strong homeownership aspirations and are fully equipped with the necessary information to head down the shared ownership route.”
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