Hanley Economic Building Society has reduced the interest rate on its two-year mortgage with a 95% LTV loan by 0.31%.
David Lownds
It has also introduced a no-fee, five-year fixed rate RIO mortgage with no ERCs and no overpayment restrictions.
The two-year fix now has a nominal interest rate of 5.44% – previously 5.75% – and is available up to an LTV of 95%. In an effort to reduce upfront costs, this includes a free valuation with no application or arrangement fees and £250 cashback paid on mortgage completion.
There is a minimum loan size of £30,000, a maximum loan size of £500,000, and the offer applies to purchase and remortgage purposes.
The no-cost five-year fixed rate RIO mortgage has a nominal interest rate of 5.55% and is available up to 65% LTV for purchase and remortgage purposes.
It has a minimum loan size of £30,000, with a maximum loan size of £2 million at 50% LTV and £1.5 million at 65% LTV. This product type can only be offered to applicants who are already retired and 55 years or older.
The product has no ERCs and no overpayment restrictions to help borrowers with their credit needs later in life. It also includes a free valuation with no application or arrangement fees and benefits from £250 cashback on completion.
Both products apply to properties throughout England, Wales and Scotland (Scottish Isles by reference).
Each case is assessed on an individual basis by the internal underwriting team, meaning no credit score is assigned. These products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
Commenting on the launches, David Lownds, head of product and marketing at Hanley BS, said: “By reducing rates and eliminating fees, we are making our products more accessible and affordable across the loan lifecycle, reflecting our commitment to offer at every stage of the loan. mortgage process.”