For residential borrowers, this is a fee-free product up to 95 per cent loan to value (LTV) with a rate of 6.35 per cent. This is available for purchase and remortgage. It offers a free valuation and has no application or arrangement fees.
For buy-to-let borrowers, the product is available up to 80 per cent LTV and is priced at 6.69 per cent. This has a £499 arrangement fee.
It is available for purchase or remortgage on a capital and interest or interest-only basis.
Properties in England, Wales and Scotland will be eligible while properties in the Scottish Islands may be accepted by referral. There is a minimum loan amount of £30,000 and maximum of £500,000.
There will be no credit scoring as each case will be assessed individually by the mutual’s underwriting team.
David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said: “The residential and buy-to-let sectors continue to face their own unique challenges in the wake of ongoing interest rate and inflationary pressure. However, as a lender who remains committed to these markets, we realise the need to provide choice for those borrowers who may be looking to achieve longer-term security over their mortgage payments sooner rather than later.”
“With the ongoing support of our intermediary partners, we will endeavour to deliver responsible and competitive options where possible to meet a range of borrowing requirements in what remains a testing economic climate.”
