This includes a buy-to-let product at 80 per cent loan to value (LTV) with a discount variable rate of 3.99 per cent. This is three per cent lower than the mutual’s standard variable rate of 6.99 per cent. It has a £299 arrangement fee and is available for purchase and remortgage.
There is also a fee-free mortgage at 95 per cent LTV, with a variable discount rate of 3.99 per cent. It is available for purchase and offers a free valuation.
The other product launched is a two-year fixed rate for shared ownership borrowers, with no fee and a rate of 5.9 per cent. This is available for purchase and remortgage up to 95 per cent LTV.
The mutual has also added an interest-only product with a discount variable rate of 3.14 per cent. It is available up to 60 per cent LTV. It has an arrangement fee of £1,000 and offers a free valuation as well as free legals for remortgage. It is available for purchase and remortgage.
The four products are applicable on properties throughout England and Wales. The residential products are also available in Scotland (Scottish Islands by referral) and come with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
Hanley: ‘2023 set to be a challenging year for borrowers’
David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, said: “This represents an exciting start to the year for Hanley as we look to extend our Q1 lending by delivering a range of solutions which meets any pent-up demand that may have built up over the latter part of 2022, when uncertainty coursed through the mortgage market and the wider economy.
“Despite some much-welcomed market stability emerging, 2023 is set to be a challenging year for many borrowers. Meaning that access to an array of viable options and flexible manual underwriting processes will prove more important than ever in meeting ever-shifting borrowing needs over the course of the next 12 months.”
