The products are both variable discounts and available up to 80% loan to value (LTV).
One is a two-year variable discount mortgage priced at 5.54%, a 2.2% discount from Hanley Economic Building Society’s standard variable rate (SVR), which is currently 7.74%.
The second product is a variable discount for the term of the loan, initially at 5.4%, a 2.34% discount from the mutual’s SVR.
The products are available for purchase and remortgage on either a capital and interest or interest-only basis, subject to applicants meeting the mutual’s interest-only criteria.
Borrowing is available from £30,000 up to £600,000.
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The range will be available through selected intermediary channels.
Hanley Economic Building Society will accept expat applicants with foreign income and properties can be used for personal use for up to 90 days per year. The mutual will consider first-time landlords with no geographical restrictions, and properties marketed through Airbnb will be accepted.
There is no credit scoring, and applications will be assessed on an individual basis.
Samantha Ward (pictured), commercial director at Hanley Economic Building Society, said: “The holiday let market has changed considerably as the ways in which people own, use and generate income from these properties have become more varied.
“For us, that creates an opportunity to bring the type of individual underwriting approach we already apply across our proposition. It also reflects what we are hearing from brokers, who increasingly need lenders to understand the detail behind a case rather than make decisions based on a narrow set of standard assumptions.”
She added: “This is our first step into holiday let lending, so we will be listening closely to intermediary feedback and looking at how demand develops. That dialogue will be important in helping us understand where we can add most value and how the proposition should develop over time.”
