Hanley Economic Building Society widens residential offering

Hanley Economic Building Society has enhanced its residential mortgage range by launching a two-year 95% LTV fixed rate shared ownership mortgage and a two-year 95% LTV fixed rate mortgage.

The shared ownership product comes with a rate of 3.69% and will allow borrowers access to the scheme for either house purchase or on a remortgage basis with only a 5% deposit. The minimum loan amount is £30,000 and maximum £500,000, and there is an application fee of £299.

Hanley’s two-year 95% LTV fixed rate product is also available for either house purchase or on a remortgage basis and has a headline rate of 3.39%. Similar to the shared ownership product, the minimum loan amount is £30,000 and the maximum is £500,000, and there is also an application fee of £299.

The society said that every case for these products will be looked at on an individual basis by its in-house underwriting team, meaning there will be no credit scoring.

Hanley head of marketing and business development, David Lownds, commented: “Whilst these products are not exclusively aimed at first-time buyers, we feel that they will serve to help more first-time buyers onto the property ladder who may be looking to purchase their first home with a lower deposit.

“Shared ownership can often be a more complex transaction than a standard residential one and we are well placed to support such transactions through our experienced in-house team and robust manual underwriting process.

“As a society, it’s important to support a range of borrowing needs where we can and with these rates being both competitive and incorporating low fees, we feel that they will prove popular amongst our intermediary partners and their clients.”

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