Hanley Economic Building Society has strengthened its residential and retirement interest-only (RIO) mortgage ranges through the introduction of four new products.
The Society has further enhanced its higher LTV residential offering with the addition of a two-year fixed rate mortgage with a headline rate of 5.39% available up to 90% LTV and a two-year fixed rate mortgage with a headline rate of 5.64% available up to 95% LTV.
In a bid to reduce upfront fees, these products include a free valuation alongside no application or arrangement fees and £250 cashback will be paid on completion of the mortgage. Both products have a minimum loan size of £30,000, a maximum loan size of £500,000 and are applicable for purchase and remortgage purposes.
Focusing on its retirement interest-only (RIO) mortgage range, two further products have been launched in the form of a fee-free five-year fixed rate RIO mortgage complete with a headline rate of 5.93%, available up to 65% LTV. This includes a free valuation alongside no application or arrangement fees.
Hanley has also introduced a two-year variable discount RIO mortgage with an initial pay rate of 5.55%, which represents a 2.94% discount from the Society’s standard variable rate of 8.49%. This is available up to 50% LTV and has a non-refundable arrangement fee of £299.
Both of these RIO products have no overpayment restrictions to help support borrowers in their later life lending requirements. They have 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. They can be used for purchase and remortgage purposes and are only valid for applicants who are already retired and aged 55 or over.
All these 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 they 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:
“Our ongoing commitment to offering flexible and accessible mortgage solutions is clearly demonstrated in our latest raft of product enhancements. The introduction of the high LTV options comes at a critical time as we seek to help more purchasers ahead of the upcoming Stamp Duty changes, and by reducing upfront fees we hope they will prove an attractive choice for borrowers.
“Additionally, the expansion of our RIO mortgage range provides invaluable support for borrowers in later life, reinforcing the Society’s dedication to meeting diverse customer needs across various life stages.”
