It allows a minimum loan of £30,000 and a maximum of up to £1.25 million
Hanley Economic Building Society has launched a new two-year interest-only, self-build, variable discount mortgage, offering an initial pay rate of 6.15% and available up to 70% loan-to-value (LTV).
The mortgage product includes a non-refundable application fee of £299, an arrangement fee of £1,199 deducted at loan completion, and a valuation fee dependent on property value.
It allows a minimum loan of £30,000 and a maximum loan of £500,000 at 70% LTV. For higher loan values, up to £1 million is available at 60% LTV and £1.25 million at 50% LTV. It is accessible through Hanley Economic’s branch network and selected intermediary channels.
“As a lender with over 10 years’ experience operating in the self-build sector, we are always exploring how we can further enhance our product and service proposition by listening to the market and evolving accordingly,” said David Lownds (pictured), head of products and marketing at Hanley Economic Building Society.
“Consistent feedback has led to the introduction of an interest-only self-build option which is available for term. This means that even if the build completes before the product matures, the loan retains its interest-only status.
“We hope this product type will help generate further interest among self-builders across the UK and prove a useful solution for our intermediary partners in what remains a marketplace full of untapped potential.”
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