Hanley Economic Building Society is introducing a fee-free 95% LTV five-year fixed rate into its residential product range.

The product has a headline rate of 4.89% and is available up to 95% LTV.  This can be used for purchase and remortgage purposes on properties throughout England, Wales and Scotland (Scottish Islands by referral).

The deal includes a free valuation and there are no application or arrangement fees. It also comes with 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.  The new mortgage deals are available through the Hanley Economic Building Society branch network and selected intermediary channels.

Hanley Economic Building Society, head of marketing and business David Lownds comments on the product launch and the current market conditions.

“Positive strides are being made across the housing and mortgage markets in the wake of increased economic stability and we, as a lender, are experiencing a slight uplift in the number of first-time buyer enquiries from our intermediary partners which signifies an encouraging development.

He adds: “Adjustments are being made by an array of potential borrowers to a higher interest rate norm and we remain committed to servicing the needs of FTB’s when and where we can. As such, we have extended our 95% LTV range to include a competitive fee-free five-year fix which should help provide lower deposit borrowers with a little extra security and lessen upfront costs.”