The new products are available for purchase or remortgage purposes
Hanley Economic Building Society has launched a trio of five-year fixed rate products.
One of the three products is a five-year fix with a headline rate of 5.85% up to 95% loan to value (LTV). This is available for purchase or remortgage purposes and comes with a valuation incentive.
Of the other two five-year fixes, one has a headline rate of 5.60% up to 80% LTV and the other with a headline rate of 5.50% up to 75% LTV. Both come with a valuation/remortgage legals incentive, a £849 arrangement fee, and are available for purchase or remortgage purposes.
All products are applicable for properties throughout England, Wales, and Scotland (Scottish Islands by referral) and come with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
Hanley Economic said each case would be looked at on an individual basis by its in-house underwriting team, meaning no credit scoring, and the products are available through the mutual’s branch network and selected intermediary channels.
“As a mutual, it’s important to support a range of borrowing needs when and where we can, especially through the more turbulent times,”said David Lownds, head of marketing and business development at Hanley Economic Building Society. “This is particularly apparent at the higher LTV bands where an increased number of options are needed after a sharp, but entirely understandable, contraction of the mortgage market.”
Lownds (pictured) added: “On a more positive note, homeownership aspirations remain strong, and these represent a trio of competitively priced products which will help provide certainty of payment over the longer-term for those borrowers looking to purchase, or remortgage, amid some ongoing economic uncertainty.”
