It also launches new fee-free, five-year, fixed rate retirement interest-only deal
Hanley Economic Building Society has lowered the rate on its 95% loan-to-value (LTV) two-year fixed rate mortgage by 31 basis points (bps), now offering the product at 5.44%, down from 5.75%.
The two-year fixed rate mortgage includes a free valuation, no application or arrangement fees, and £250 cashback on completion. It has a minimum loan amount of £30,000 and a maximum of £500,000, and is available for both purchase and remortgage transactions.
The mutual has also introduced a fee-free five-year fixed rate retirement interest-only (RIO) mortgage with no early repayment charges (ERCs) and no overpayment limits.
The newly launched product is offered at 5.55%, available up to 65% LTV for both purchase and remortgage purposes. The fixed rate RIO deal, which is only available to retired borrowers aged 55 or older, allows a maximum loan size of £2 million at 50% LTV and £1.5 million at 65% LTV. The mortgage comes with no ERCs or overpayment restrictions, and it includes a free valuation, no application or arrangement fees, and £250 cashback on completion.
Both products are available for properties in England, Wales, and Scotland, including the Scottish Islands by referral. The products are accessible through the society’s branch network and select intermediary channels.
“We’re excited to support a range of borrowers and our intermediary partners with these new offerings,” said David Lownds (pictured), head of products and marketing at Hanley Economic Building Society. “By reducing rates and eliminating fees, we’re making our products more accessible and affordable throughout the entire borrowing lifecycle to provide options at every stage of the mortgage journey.”
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