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Hanley BS cuts SVR and commits to lending full range

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  • 22/04/2020
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Hanley BS cuts SVR and commits to lending full range
Hanley Economic Building Society has said, where possible, it will lend across all areas and loan to value (LTV) tiers.

 

The society said it has not implemented criteria changes or restrictions on its current LTVs and is still open to lending up to 95 per cent on both standard residential and shared ownership product ranges.  

However, it said each case would be assessed on an individual basis and a lack of physical valuations may impact some applications for the time being. The society will make use of desktop valuations where possible. 

Cases will be underwritten by its in-house team, meaning there will be no credit scoring, and all products remain available through the branch network and intermediary channels. 

Hanley is still accepting applications across all areas of lending including residential, buy to let, shared ownership, retirement interest-only and self-build. 

 

SVR reduction 

The society has also passed the 0.65 per cent base rate drop to its borrowers and cut its standard variable rate (SVR) to 4.79 per cent. This rate will be effective from 1 May.  

It claimed existing borrowers would save an average of £877 on their annual interest with the reduction. 

David Lownds (pictured), head of marketing and business development at Hanley BS, said: “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.”   

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