Hanley Economic Building Society launches new shared ownership product

Hanley Economic Building Society has enhanced its shared ownership range with the launch of a new fee-free two-year fixed-rate product.

The new product has a headline rate of 5.35% and is available up to 95% loan-to-value with no application or arrangement fees and one free standard valuation.

There is a minimum loan amount of £30,000 and a maximum loan amount of £500,000 on the shared ownership product and this is available on properties throughout England and Wales, including new build houses and flats up to 10 floors.

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and the product is available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, (pictured) Head of Products and Marketing at Hanley Economic Building Society, commented: “Shared ownership offers an accessible and practical route to homeownership.

"However, the expertise of intermediaries and the experience of lenders who are specialists in this space are vital in guiding borrowers through the process and in ensuring they make the most informed decisions possible.

"Although available for both purchases and remortgages, this product is expected to primarily appeal to first-time buyers with smaller deposits who are keen to enter the property market. We anticipate that it will gain significant traction as we move into the final weeks of 2024."