Hanley Economic BS enhances residential mortgage range
13 October 2021
Hanley Economic Building Society has launched a two-year 95% LTV fixed rate shared ownership mortgage and a two-year 95% LTV fixed rate mortgage to enhance its residential mortgage range.
The shared ownership product comes with a rate of 3.69% and will allow borrowers access to the scheme for either house purchase or on a remortgage basis with only a 5% deposit. The minimum loan amount is £30,000, with a maximum of £500,000 and there is an application fee of £299. If this mortgage is repaid in full during the first two years an early repayment charge will apply. This will be 2% of the balance repaid during this period.
Hanley’s two-year 95% LTV fixed rate product is also available for either house purchase or on a remortgage basis and has a headline rate of 3.39%. Similar to the shared ownership product, the minimum loan amount is £30,000, with a maximum of £500,000 and there is an application fee of £299. However, this also comes with one free standard valuation. If this mortgage is repaid in full during the first two years an early repayment charge will apply. This will be 2% of the balance repaid during this period.
Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and both products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented:
“Whilst these products are not exclusively aimed at first-time buyers, we feel that they will serve to help more FTBs onto the property ladder who may be looking to purchase their first home with a lower deposit.
“Shared ownership can often be a more complex transaction than a standard residential one and we are well placed to support such transactions through our experienced in-house team and robust manual underwriting process.
“As a society, it’s important to support a range of borrowing needs where we can and with these rates being both competitive and incorporating low fees, we feel that they will prove popular amongst our intermediary partners and their clients.”
