Hanley Economic Building Society ramps up FTB offering with 0.70% rate cut

24 January 2024

Hanley Economic Building Society has ramped up its first-time buyer (FTB) offering by reducing the rate on its two-year 95% LTV fee-free fixed rate product by 0.70%.

This now has a headline rate of 5.69% - down from 6.39% - and is available up to 95% LTV. In a bid to further assist FTB’s, the product comes with no upfront fees, including a free valuation alongside no application or arrangement fees.

The two-year fix is applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral) and has 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:

“First-time buyers have certainly not had it easy over the past 12 to 18 months and, as a lending community, we need to do all we can to ensure they have access to a range of innovative, competitive options which can help them onto the property ladder in a responsible manner.”

“By removing any upfront fees at the 95% lending band, we can help reduce some financial burdens which potential buyers can put towards a deposit and not have to add onto their mortgage. We expect Q1 to deliver some pent-up FTB demand and we are committed to servicing these needs where possible.”