The changes apply across several headline products that aim to support borrowers with various lending needs and life stages.
In its residential range, Hanley Intermediaries’ two-year variable discount mortgage at 95% loan to value (LTV) has been lowered from 6.32% to 5.77%. It said this is a 1.97% discount from its standard variable rate (SVR) of 7.74%.
In the self-build range, the two-year BuildLoan Exclusive ECO variable discount mortgage is now 5.56%, previously 6.21%, and is available up to 80% LTV. The firm noted that this is a 2.18% discount from the SVR.
The firm’s two-year RIO variable discount mortgage has moved from 5.93% to 5.29% – a 2.45% discount from the SVR. This is available up to 70% LTV.
Hanley Intermediaries said each case will be assessed individually by its in-house underwriting team – meaning there will be no credit scoring. Products are available through the Hanley Economic Building Society branch network as well as selected intermediary channels.
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David Lownds, head of products and marketing at Hanley Economic Building Society, commented: “Market conditions have continued to improve in recent months and we are seeing growing levels of engagement from a range of borrowers who are actively reviewing their options again, whether they are first-time buyers, self-build customers or those planning later life borrowing needs.
“These latest reductions are not simply about reacting to pricing movements elsewhere in the market. They reflect the importance of maintaining product choice across different borrower groups at a time when affordability remains a key consideration for many households.
“We continue to see strong value in specialist areas such as self-build and RIO, where advice plays a particularly important role. Borrowers in these sectors often require a more considered and flexible approach and it remains important that advisers have access to competitive solutions [that] can support a broad range of circumstances.”
Coventry for Intermediaries makes rate cuts
Coventry for Intermediaries has also announced reductions to selected rates.
Residential and buy-to-let (BTL) rates have been cut by up to 16 basis points (bps), and new and existing customers can benefit from reduced options.
The firm said many of these products are targeted at supporting first-time buyers and are accompanied by £500 cashback.
As an example, its five-year fixed rate at 90% LTV with no fee sits at 5.02% and has £500 cashback. The two-year fix at 85% LTV with no fee comes to 5.09% and also has £500 cashback. Both options are available for first-time buyers.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Brokers are telling us that many clients are focused on keeping monthly payments as manageable as possible, especially those looking to take their first step onto the ladder. By reducing rates on higher LTV products, we’re aiming to provide extra support where it can make a difference. These changes are designed to give brokers more competitive options for borrowers who need them most.”
Earlier this month, the firm lowered selected rates and introduced new deals.
