The Rent to Own product was launched in May last year and was initially only available to properties in local ST postcodes, which cover Stoke-on-Trent and surrounding areas in Staffordshire.
The product offers a five-year fixed rate at 5.79% and is available up to 100% loan to value (LTV) for eligible applicants meeting the criteria. This includes having a minimum household income of £25,000 per year.
The loan can be offered up to 133% of current rental payments, with evidence of full rental payments needed over the last 12 months.
There are no application or arrangement fees, but there is a valuation fee subject to the property’s value. The loan range goes from £30,000 to £350,000.
By widening nationally, the mutual said it would offer “crucial support” to first-time buyers looking for an “accessible and affordable route onto the property ladder”.
Industry, not regulation, must lead later life lending change
Sponsored by Suffolk Building Society Intermediaries
The initial pilot, the firm said, had “strong interest and positive early results”.
Vanessa Hunt, head of sales at Hanley Intermediaries, said: “We’re proud to announce the nationwide expansion of our Rent to Own mortgage product. This exciting development reflects our ongoing commitment to supporting our intermediary partners and their clients with practical, innovative solutions that make homeownership more achievable.
“Alongside recent enhancements to our lending policy, now is the perfect time to connect with us and explore how we can help deliver more opportunities to meet a range of borrowing needs.”
