New fixed-rate product targets first-time buyers in Stoke-on-Trent with no deposit required
Hanley Economic Building Society has introduced a new mortgage product aimed at helping first-time buyers in the Stoke-on-Trent area secure homeownership without a deposit.
The five-year fixed rate mortgage, set at 5.79%, is available at up to 100% loan-to-value (LTV) and targets buyers of properties located within the ST postcode area. This region includes Stoke-on-Trent and surrounding districts.
To qualify, applicants must meet the mutual’s Rent to Own criteria, have a household income above £25,000 per year, and demonstrate a full year of rental payment history. Loans can be offered up to 133% of existing rent payments.
The product includes no application or arrangement fees, although valuation fees apply based on property value. Borrowers can repay up to 10% of the loan annually without penalty. An early repayment charge of 3% applies during the fixed rate term. Loan amounts range from £30,000 to £350,000.
Hanley Economic said mortgage applications are assessed by its in-house underwriting team without the use of credit scoring. The product is available through the lender’s branch network and selected broker partners.
“This new 100% Rent to Own mortgage is designed to make homeownership a reality for those who may have struggled to save for a deposit,” said David Lownds (pictured), head of products and marketing at Hanley Economic Building Society. “By eliminating the need for an upfront deposit, we are offering a practical solution for individuals, couples and families across the ST postcode region who are ready to take their first step onto the property ladder.
“As a member-owned mutual, our focus is on providing innovative, accessible and responsible lending solutions that fit the evolving needs of the modern borrower. We remain committed to designing products that genuinely make a difference, and this launch is a testament to that mission.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
