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Hanley Economic BS makes application pledge for withdrawals; MHBS adds holiday let deals – round-up
Hanley Economic Building Society has committed to giving intermediaries at least seven days to submit a full mortgage application after a product has been withdrawn as long as a decision in principle (DIP) is in place.
The mutual said this would give brokers more time to convert DIPs into full mortgage applications even when product changes are taking place.
Each case will still be assessed on an individual basis.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Operating in such a highly unpredictable lending environment makes it difficult to offer assurances around the shelf life of any individual product. However, by introducing the certainty of a seven-day transition window, we can ensure that our intermediary partners have sufficient time to collate all the necessary documentation to support a full mortgage application and help mitigate disruption for them and their clients.
“We hope this commitment brings some relief in a time-pressured marketplace and we pledge to continue providing advisers with strong lines of communication, transparency and as much notice as possible around any product changes going forward.”
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MHBS launches limited edition holiday let deals
Market Harborough Building Society (MHBS) has added a pair of limited edition three-year discount holiday let mortgages.
They are available for purchase and remortgage while rates begin from 5.34 per cent. There is a £299 application fee and loan amounts between £200,000 and £2m are available.
The lender will accept regulated and unregulated holiday let cases, and will consider unconventional circumstances such as listed properties, non-standard income and foreign currency.
Richard Saunders, head of sales at MHBS, said: “We’re delighted to offer these two limited edition discount holiday let products to our intermediary partners and their clients, especially during this challenging period for the mortgage market where good news can be hard to find.”