Hanley Economic Building Society has added four products to its residential and retirement interest-only mortgage ranges.
The society has enhanced its higher loan-to-value (LTV) residential offering with a two-year fixed rate mortgage with a headline rate of 5.39% available up to 90% LTV and a two-year fixed mortgage with a headline rate of 5.64% available up to 95% LTV.
These 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 available for purchase and remortgage purposes.
Two products have also been launched in the society’s retirement and interest-only (RIO) range. These include a fee-free five-year fixed RIO mortgage with a headline rate of 5.93%, available up to 65% LTV. This includes a free valuation and 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 fees of £299.
These come with no overpayment restrictions, a minimum loan size of £30,000 and a maximum loan size of £2m at 50% LTV and £1.5m 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.
Hanley Economic head of products and marketing David Lownds says: “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.”
