"The introduction of the high LTV options comes at a critical time as we seek to help more purchasers ahead of the upcoming stamp duty changes"
- David Lownds, head of products and marketing at Hanley Economic
Hanley Economic Building Society has expanded its residential and retirement interest-only (RIO) mortgage ranges with four new products.
The Society has enhanced its higher LTV residential offering with the addition of a two-year fixed rate mortgage with a headline rate of 5.39% available up to 90% LTV and a two-year fix at 5.64% available up to 95% LTV.
In a bid to reduce upfront fees, the products include a free valuation alongside no application or arrangement fees and £250 cashback will be paid on completion of the mortgage. Both products have a minimum loan size of £30,000, a maximum loan size of £500,000 and are applicable for purchase and remortgage purposes.
Two further products have also been launched in Hanley's RIO range, including a fee-free five-year fixed rate at 5.93%, available up to 65% LTV. This includes a free valuation alongside no application or arrangement fees.
Hanley has also introduced a two-year variable discount RIO mortgage with an initial pay rate of 5.55%, which represents a 2.94% discount from the Society’s standard variable rate of 8.49%. This is available up to 50% LTV and has a non-refundable arrangement fee of £299.
Both RIO products have no overpayment restrictions to help support borrowers in their later life lending requirements. They have a minimum loan size of £30,000 with a maximum loan size of £2,000,000 at 50% LTV and £1,500,000 at 65% LTV. They can be used for purchase and remortgage purposes and are only valid for applicants who are already retired and aged 55 or over.
All products are applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral) and 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: “Our ongoing commitment to offering flexible and accessible mortgage solutions is clearly demonstrated in our latest raft of product enhancements. The introduction of the high LTV options comes at a critical time as we seek to help more purchasers ahead of the upcoming stamp duty changes, and by reducing upfront fees we hope they will prove an attractive choice for borrowers.
“Additionally, the expansion of our RIO mortgage range provides invaluable support for borrowers in later life, reinforcing the Society’s dedication to meeting diverse customer needs across various life stages."
