News in brief - 8 February 2024

Hanley Economic Building Society has refreshed its shared ownership product range through the introduction of a new three-year fixed rate deal and the application of a 0.60% rate cut to its medium-term fixed rate product. The three-year fixed rate is available at 5.65% at up to 95% LTV. The 0.60% rate reduction has been applied to the society’s medium-term fixed rate shared ownership mortgage, which is available up to 95% LTV, with a maturity date of 30 November 2028. This now has a headline rate of 5.20%, down from 5.80%. These products offer borrowers access to shared ownership scheme for either house purchase or remortgage with a 5% deposit, with no application or arrangement fees.

Pepper Money has launched a new website tool to make it easier for brokers to find a home for their complex mortgage cases. The specialist lender has recently enhanced website navigation and search functionality. In addition, it has introduced a new product finder tool, which allows brokers to quickly identify the most suitable product for a customer by filtering a number of features, including term, LTV, adverse credit details and product type. The tool has been created following feedback to support brokers in placing business with them and is designed to compliment their new business team.

Buckinghamshire Building Society has introduced an “industry-first” mortgage solution that is designed for first-time buyers. JBSP Deposit Lite combines the benefits of the society’s JBSP and Deposit Lite mortgage products, offering support for those looking to step onto the property ladder. Benefits of the products include low to no deposit options and enhanced affordability, which allows for up to two parents being able to join the first-time buyers on their mortgage journey, by improving borrowing potential without the need for them to be co-owners of the property.

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