Hanley Economic Building Society has launched its mortgage for home renovation and replaced the previous mortgage for the renovation of light.
David Lowns
The product is designed to support borrowers that make improvements to their home-such as updating kitchens, bathrooms or performing general cosmetic changes-in-place of full construction projects.
The Home Renovation mortgage offers an initial variable reduced wage rate of 5.64% for two years, which represents a discount of 2.85% on the standard variable rate of society (currently 8.49%). Available up to 80% LTV for both purchase and remortage purposes, the mortgage is only interest for the initial period of two years before it returns to a capital and interest member structure.
Loans are available from £ 30,000 to a maximum of £ 750,000 at 80% LTV, £ 1,000,000 at 70% LTV, £ 1,500,000 at 65% LTV and £ 2,000,000 at 50% LTV. The product is supplied with an application costs of £ 299 and a £ 999 scheme, and there are no early reimbursement costs.
The mortgage also includes build -out compensation, which is paid by society.
Responding to the Hanley Economic Products David Lowns launched: “We have introduced the mortgage for home renovation to better display the needs of the modern borrower.
“With more people who choose to renovate and improve their homes, this product offers a flexible and cost -effective way to finance these improvements.”