"We expect Q1 to deliver some pent-up first-time buyer demand and we are committed to servicing these needs where possible."
- David Lownds, head of products and marketing at Hanley Economic
Hanley Economic Building Society has enhanced its first-time buyer offering by reducing the rate on its two-year fixed rate product at 95% LTV by 0.70%.
This now has a headline rate of 5.69% - down from 6.39%. The product comes with no upfront fees, including a free valuation alongside no application or arrangement fees.
The two-year fix is applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral) and has a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring.
David Lownds, head of products and marketing at Hanley Economic Building Society, commented: “First-time buyers have certainly not had it easy over the past 12 to 18 months and, as a lending community, we need to do all we can to ensure they have access to a range of innovative, competitive options which can help them onto the property ladder in a responsible manner.
“By removing any upfront fees at the 95% lending band, we can help reduce some financial burdens which potential buyers can put towards a deposit and not have to add onto their mortgage. We expect Q1 to deliver some pent-up first-time buyer demand and we are committed to servicing these needs where possible.”
