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Hanley Economic BS adds duo of five-year fixed remortgages

  • 04/02/2022
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Hanley Economic BS adds duo of five-year fixed remortgages
Hanley Economic Building Society has launched two five-year fixed rate remortgage products, one for buy-to-let (BTL) and one residential.

The five-year fixed rate BTL product starts from 3.03 per cent and is available up to 80 per cent loan to value (LTV). It is subject to a £750 product fee and a valuation fee dependent on property value.

The residential product has a headline rate of 2.05 per cent and is available up to 85 per cent LTV. It has no application or product fees and comes with one free standard valuation and free legals.

Both can be used for properties in England and Wales and the residential product can be used in Scotland as well.

It has a minimum loan amount of £30,000 and a maximum loan amount of £500,000.

Each case will be considered on an individual basis by the underwriting team, so there is no credit scoring, and the products can be accessed through its branch network and selected intermediary channels.

David Lownds, head of marketing and business development at the mutual, said: “It’s clear that the remortgage market has started 2022 with a bang. And, with the Bank of England raising interest rates for the second time in three months to 0.50 per cent, demand amongst homeowners and landlords who are in a position to take advantage of some highly competitive rates is set to intensify.

“In order to satisfy these demands, choice is vital for such borrowers when it comes to the length of product terms, access to higher LTV lending and in lowering upfront costs. We believe this product pairing will prove attractive to our intermediary partners and help provide a competitive new option within the remortgage market.”

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