Hanley Economic BS introduces five-year BTL and resi fixed rate options

17 July 2023

Hanley Economic Building Society has bolstered its residential and buy-to-let propositions through the introduction of a pair of five-year fixed rate products.

The residential offering is a five-year fee-free fixed rate mortgage available up to 95% LTV with a headline rate of 6.35%. This product is available for purchase and remortgage purposes and includes a free valuation alongside no application or arrangement fees.

The new addition to Hanley’s buy-to-let proposition is a five-year fixed rate product available up to 80% LTV with a headline rate of 6.69%. This comes with a £499 arrangement fee and is available for purchase or remortgage purposes on a capital and interest or interest only basis.

These 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.

Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and these products are available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, Head of Products and Marketing at Hanley Economic Building Society, commented:

“The residential and BTL sectors continue to face their own unique challenges in the wake of ongoing interest rate and inflationary pressure. However, as a lender who remains committed to these markets, we realise the need to provide choice for those borrowers who may be looking to achieve longer-term security over their mortgage payments sooner rather than later.”

“With the ongoing support of our intermediary partners, we will endeavour to deliver responsible and competitive options where possible to meet a range of borrowing requirements in what remains a testing economic climate.”