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The first is a just 1.75% two-year 80% LTV fixed rate mortgage rescheduling that comes with a free standard rating and free legal transactions. The second is a five-year 95% LTV fixed-rate mortgage with a base rate of 3.45% that is available for buying a home or rescheduling. Both products apply to properties in England, Wales and Scotland. They have a minimum loan amount of £ 30,000, a maximum loan amount of £ 500,000 and an application fee of £ 299 each.
Cases are not assessed, but handled by the in-house underwriting team, and both products are available through the company’s network of branches and selected intermediary channels.
David Lownds, Director of Marketing & Business Development at Hanley Economic Building Society commented:
“First time buyers, including those who chose a co-ownership option, accounted for 40% of all our new business loans in 2020-21. Going forward, we’d like to support even more people on the real estate ladder, especially those who may have smaller deposits but fit into our affordability profile.
“The mortgage loan market will continue to prove to be a key area for the intermediary market in the first quarter of 2022 as a variety of mortgage terms will fall due and this pair of products will help provide valuable options for those looking for a longer or shorter term.” Term Agreement . “
