The products include free valuations and are available for properties across England, Wales, and Scotland
Hanley Economic Building Society has launched a new range of mortgage products, including a fee-free two-year tracker and a two-year fixed rate option, expanding its residential offerings.
The mutual also introduced a two-year variable discount retirement interest-only (RIO) mortgage, which features no early repayment charges (ERCs) and unrestricted overpayments, designed to aid borrowers and intermediaries in later life lending.
The two-year fixed rate mortgage offers up to 95% loan-to-value (LTV) with a rate of 5.49%, while the tracker mortgage has a variable rate of 5.70% (bank base rate plus 0.45%) up to 90% LTV. The RIO mortgage provides an initial rate of 5.76%, reflecting a 2.73% discount from the society’s standard variable rate of 8.49%, available up to 65% LTV.
These products include free valuations, with no application or arrangement fees. The residential products offer a £250 contribution towards remortgage legal fees, and the RIO mortgage provides £250 cashback upon completion.
These mortgages are available for properties across England, Wales, and Scotland, including the Scottish Islands by referral. The minimum loan amount is set at £30,000, with a maximum of £500,000 for purchase or remortgage purposes.
Earlier this month, the lender also increased its residential product offering through a suite of fixed rate and variable discount mortgages.
“As a lender, we have been extremely active over the early part of the year from a product perspective as we look to help borrowers and our intermediary partners to successfully navigate ever-shifting market demands and dynamics,” said David Lownds (pictured), head of products and marketing at Hanley Economic Building Society.
“Lending circumstances dictate that we need to be innovative and fleet of foot when delivering a range of competitive and responsible solutions, and we hope these product additions tick many boxes and drive more business through our doors.”
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