The products were launched to pent-up demand from the latter part of last year
Hanley Economic Building Society has announced the launch of four new products to kickstart its 2023 lending campaign.
The new products include an 80% loan-to-value (LTV) buy-to-let discount, a fee-free 95% LTV term discount, a two-year fixed rate shared ownership deal, and an interest-only term discount option.
The first product is a BTL variable discount mortgage for term with a headline rate of 3.99%, which represents a 3% discount from the building society’s standard variable rate (SVR) of 6.99%. This is available up to 80% LTV with an arrangement fee of £299, and is available for purchase and remortgage purposes.
The second is a fee-free 95% LTV variable discount mortgage for term with a headline rate of 3.99%, which represents a 3% discount from the 6.99% SVR. This product is only available for purchase business, and includes a free valuation alongside no application or arrangement fees.
The third one is a 5.90% no-fee, two-year shared ownership fixed rate. This will allow borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit, and includes a free valuation and no application or product fees.
The fourth product release is an interest-only variable discount mortgage for term with a headline rate of 3.14%, which represents a 3.85% discount from the society’s standard variable rate of 6.99%. This is available up to 60% LTV and has an arrangement fee of £1,000 alongside a free valuation and a remortgage legals contribution. It is available for purchase and remortgage purposes.
The four products are applicable for properties throughout England and Wales. The residential products are also available in Scotland, and come with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
The mutual said each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring. The products are available through the building society’s branch network and selected intermediary channels.
“This represents an exciting start to the year for Hanley as we look to extend our first quarter lending by delivering a range of solutions which meets any pent-up demand that may have built up over the latter part of 2022 when uncertainty coursed through the mortgage market and the wider economy,” David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, said.
“Despite some much-welcomed market stability emerging, 2023 is set to be a challenging year for many borrowers - meaning that access to an array of viable options and flexible manual underwriting processes will prove more important than ever in meeting ever-shifting borrowing needs over the course of the next 12 months.”
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