Hanley Economic Building Society bolsters shared ownership product range

17 October 2024

Hanley Economic Building Society has announced the launch of a fee-free two-year fixed rate shared ownership mortgage in a bid to bolster its shared ownership product range.

This product has a headline rate of 5.35% and is available up to 95% loan-to-value (LTV), allowing borrowers access to the shared ownership scheme for either purchase or remortgage purposes with only a 5% deposit. There are no application or arrangement fees and it also comes with one free standard valuation.

There is a minimum loan amount of £30,000 and a maximum loan amount of £500,000 on the shared ownership product and this is available on properties throughout England and Wales, including new build houses and flats up to 10 floors.

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and the product is 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:

“Shared ownership offers an accessible and practical route to homeownership. However, the expertise of intermediaries and the experience of lenders who are specialists in this space are vital in guiding borrowers through the process and in ensuring they make the most informed decisions possible.

"Although available for both purchases and remortgages, this product is expected to primarily appeal to first-time buyers with smaller deposits who are keen to enter the property market. We anticipate that it will gain significant traction as we move into the final weeks of 2024."