Hanley Economic Building Society has introduced a free two-year tracker and a free two-year fixed income product to increase its housing supply.
David Lownds
In addition, the association has launched a no-fee two-year variable discount RIO mortgage, with no early repayment fees and no overpayment restrictions.
The two-year fixed rate mortgage is available up to an LTV of 95% and has a nominal interest rate of 5.49%.
The two-year tracker is available at a variable interest rate of 5.70% (Bank Base Rate +0.45%) up to 90% LTV.
The two-year RIO variable discount mortgage has an initial rate of 5.76%, which represents a 2.73% discount on the company’s standard variable rate of 8.49%, and is available up to an LTV of 65%.
In an effort to reduce upfront costs, all of these products come with a free valuation and no application or arrangement fees. In addition, the pair of residential products include a £250 statutory remortgage contribution and the RIO variable discount mortgage comes with £250 cashback on mortgage completion.
All these products apply to properties in England, Wales and Scotland (Scottish Isles by referral) and have a minimum loan size of £30,000 and a maximum loan size of £500,000 for purchase or remortgage purposes.
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.
Hanley’s head of product and marketing, David Lownds, commented: “As a lender we have been extremely active from a product perspective over the first part of the year as we strive to help borrowers and our intermediary partners successfully navigate ever-changing market demand and dynamics.”
He added: “Credit conditions require us to be innovative and rapid in delivering a range of competitive and responsible solutions. We hope these product additions will tick many boxes and bring more business to us.”