New product offers cashback and boasts no upfront fees
Hanley Economic Building Society has introduced a new residential mortgage product, offering a fee-free, two-year tracker at 95% loan-to-value (LTV).
The mortgage comes with an initial rate of 5.75%, set at 1% above the Bank of England base rate. Designed to minimise upfront costs, the product includes free valuation, no application or arrangement fees, and £250 cashback upon completion.
The offering is available for both purchase and remortgage purposes across England, Wales, and Scotland, including the Scottish Islands by referral. Loans range from a minimum of £30,000 to a maximum of £500,000.
Hanley Economic said it employs an individual underwriting approach for each application, with no reliance on credit scoring. The product can be accessed through the building society’s branch network or selected intermediary channels.
Last month, the mutual expanded its high LTV residential offering by launching a two-year fixed rate mortgage at 5.39% for loans up to 90% LTV and a two-year fixed rate mortgage at 5.64% for loans up to 95% LTV.
David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said the newly introduced product was developed in response to market demand for high-LTV options tied to the Bank of England base rate.
“With potential base rate reductions on the horizon and the added flexibility offered by tracker mortgages, we believe this product could prove highly appealing to borrowers and drive increased interest and engagement among our intermediary partners,” Lownds said.
“As a forward-thinking mutual, we have a responsibility to make homeownership more accessible and affordable, particularly for those borrowers seeking higher LTV options, and we will continue evaluating our residential proposition accordingly.”
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