The mortgage has a rate of 5.35% and is available up to 95% loan to value (LTV). The product is available for purchase or remortgage.
It has no application or arrangement fees and has one free standard valuation.
Hanley Economic Building Society will lend between £30,000 and £500,000 through its shared ownership products on properties across England and Wales, including new-build houses and flats up to 10 floors.
Each case will be assessed on an individual basis by Hanley Economic Building Society’s underwriting team, meaning there is no credit scoring and the product is available through the mutual directly and via intermediaries.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Shared ownership offers an accessible and practical route to homeownership. However, the expertise of intermediaries and the experience of lenders who are specialists in this space are vital in guiding borrowers through the process and in ensuring they make the most informed decisions possible.
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“Although available for both purchases and remortgages, this product is expected to primarily appeal to first-time buyers with smaller deposits who are keen to enter the property market. We anticipate that it will gain significant traction as we move into the final weeks of 2024.”
Earlier this month, the mutual extended its offering with the addition of retirement interest-only (RIO) products.
