Hanley Economic Building Society has reduced the rate on its 95% LTV two-year fixed rate mortgage by 0.31% and introduced a fee-free five-year fixed rate retirement interest-only (RIO) mortgage with no ERCs and no overpayment restrictions.
The two-year fix now has a headline rate 5.44% – formerly 5.75% – and is available up to 95% LTV. In a bid to reduce upfront fees, this includes a free valuation alongside no application or arrangement fees and £250 cashback will be paid on completion of the mortgage. It comes with a minimum loan size of £30,000, a maximum loan size of £500,000 and is applicable for purchase and remortgage purposes.
The fee-free five-year fixed rate RIO mortgage comes with a headline rate of 5.55% and is available up to 65% LTV for purchase and remortgage purposes. It has a minimum loan size of £30,000 with a maximum loan size of £2,000,000 at 50% LTV and £1,500,000 at 65% LTV. This product type can only be offered to applicants who are already retired and aged 55 or over.
This has no ERCs and no overpayment restrictions to help support borrowers in their later life lending requirements. It also includes a free valuation alongside no application or arrangement fees and also benefits from a £250 cashback on completion.
Both products are applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral). Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and these products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
David Lownds, Head of Products and Marketing at Hanley Economic Building Society, commented:
“We’re excited to support a range of borrowers and our intermediary partners with these new offerings. By reducing rates and eliminating fees, we’re making our products more accessible and affordable throughout the entire borrowing lifecycle, reflecting our commitment to providing options at every stage of the mortgage journey.”
