Hanley Economic Building Society has announced a package of new coronavirus support measures.
 
The society said it was in the process of refreshing a number of mortgage-related products in line with current market conditions, and that it is still accepting applications across all areas of lending – including residential, buy-to-let, shared-ownership, retirement interest-only and self-build.
 
Each case will be assessed on an individual basis by the in-house underwriting team, which the society highlighted would mean no credit scoring, and all products will remain available through the branch network, as well as selected intermediary channels.

Under the current government restrictions on social distancing, Hanley suggested a lack of physical valuations would impact some applications.

The society's head of marketing and business development, David Lownds, commented: “We understand that many of our intermediary partners and borrowers are anxious about the current situation. However, I can offer our assurance that we are fully committed to supporting each and every one through this difficult period and beyond.”

Hanley also announced that from From 1 May 2020, the society’s new SVR of 4.79% – passing on the 0.65% base rate drop – will “come into play” and be passed onto new and existing customers, allowing standard variable rate borrowers to save an average of £877 on their annual interest.

Lownds added: “As a membership business – and operating in some unprecedented times – it’s really important for us to be able to pass on the full 0.65% reduction in our SVR and to do so quickly. This will allow us to better support more borrowers in their time of need.”

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