Hanley Economic Building Society introduces fee-free residential and RIO offerings

25 April 2024

Hanley Economic Building Society has introduced a fee-free two-year tracker and fee-free two-year fixed rate product to further enhance its residential offering. In addition, the Society has launched a fee-free two-year variable discount retirement interest-only (RIO) mortgage with no ERCs and no overpayment restrictions to help support borrowers and intermediaries in their later life lending requirements.

The two-year fixed rate mortgage is available up to 95% LTV and comes with a headline rate of 5.49%.

The two-year tracker is available at a variable rate of 5.70% (Bank Base Rate +0.45%) up to 90% LTV.

The two-year variable discount RIO mortgage has an initial pay rate of 5.76%, which represents a 2.73% discount from the Society’s standard variable rate of 8.49% and is available up to 65% LTV.

In a bid to reduce upfront fees, all these products come with a free valuation alongside no application or arrangement fees. In addition, the pair of residential products include a £250 contribution to remortgage legals and the RIO variable discount mortgage comes with a £250 cash back on completion of the mortgage.

All these products are applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral), and come with a minimum loan size of £30,000 and a maximum loan size of £500,000 for purchase or remortgage purposes.

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:

“As a lender, we have been extremely active over the early part of the year from a product perspective as we look to help borrowers and our intermediary partners to successfully navigate ever-shifting market demands and dynamics.

“Lending circumstances dictate that we need to be innovative and fleet of foot when delivering a range of competitive and responsible solutions, and we hope these product additions tick many boxes and drive more business through our doors.”