"We fully appreciate that the buy-to-let lending landscape remains challenging for sections of the landlord community but it will also continue to provide a wealth of opportunities along the way"
- David Lownds, head of products and marketing at Hanley Economic
Hanley Economic Building Society has broadened its buy-to-let proposition with the introduction of a variable discount expat product and a two-year fixed rate remortgage deal, both available up to 80% LTV.
The variable discount expat mortgage has an initial pay rate of 5.89%, which represents a 2.60% discount from the Society’s standard variable rate of 8.49%. This product is available for purchase and remortgage purposes up to maximum 80% LTV. It comes with a free valuation and has a £299 application fee and a £700 arrangement fee – deducted from the loan amount on completion.
The two-year fixed rate remortgage product is available up to 80% LTV and comes with a headline rate of 5.35%. This product includes a free valuation and a £700 arrangement fee.
Both these products are available on an interest-only basis, with a minimum loan size of £30,000 and a maximum loan size 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: “We fully appreciate that the buy-to-let lending landscape remains challenging for sections of the landlord community but it will also continue to provide a wealth of opportunities along the way, provided they have access to a range of options which can help meet their ever-shifting needs.
“Our expat offering was first introduced back in 2020 following substantial due diligence and extensive intermediary feedback and, with UK investment opportunities proving to be increasingly attractive, we hope this new offering will prove to be a popular option in what is a somewhat underserved area of the buy-to-let market.”
