Hanley Economic launches fee-free residential and RIO products

Hanley Economic Building Society has introduced a fee-free two-year tracker and fee-free two-year fixed rate product to its residential offering.

The two-year fixed rate mortgage is available at 5.49% up to 95% LTV and the two-year tracker has a variable rate of 5.70% (Bank Base Rate +0.45%) up to 90% LTV.

In addition, the Society has launched a fee-free two-year variable discount retirement interest-only (RIO) mortgage with no ERCs and no overpayment restrictions.

The RIO mortgage has an initial pay rate of 5.76%, which represents a 2.73% discount from the Society’s standard variable rate of 8.49% and is available up to 65% LTV.

In a bid to reduce upfront fees, all these products come with a free valuation alongside no application or arrangement fees. In addition, the pair of residential products include a £250 contribution to remortgage legals and the RIO variable discount mortgage comes with a £250 cashback on completion of the mortgage.

All products are available for properties throughout England, Wales and Scotland (Scottish Islands by referral), and come with a minimum loan size of £30,000 and maximum loan size of £500,000 for purchase or remortgage purposes.

Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and will be available through selected intermediary channels.

David Lownds, head of products and marketing at Hanley Economic Building Society, commented: “As a lender, we have been extremely active over the early part of the year from a product perspective as we look to help borrowers and our intermediary partners to successfully navigate ever-shifting market demands and dynamics.

“Lending circumstances dictate that we need to be innovative and fleet of foot when delivering a range of competitive and responsible solutions, and we hope these product additions tick many boxes and drive more business through our doors.”