Hanley Economic BS launches 1.58% two-year fix


Bridging lender

Hanley Economic Building Society has launched a highly competitive two-year residential fixed rate deal with a headline rate of 1.58%.

The product has a 65% LTV and is available for house purchase and remortgage purposes. Total fees amount to just £450, including a product fee of £200 which can be added to the loan. It also comes with one free standard valuation and free legals for remortgage customers.

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring. The minimum loan amount is £30,000, with a maximum of £1,000,000. If this mortgage is repaid in full before 31 January 2021 an early repayment charge will apply. This will be 2% of the balance repaid during this period.

This product is available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented:

“This pre-Christmas launch is targeted at those existing homeowners looking to review their mortgage arrangements come year-end, and for homebuyers looking for the security of a fixed rate deal amidst current political and economic uncertainty. This is already ranking very highly on sourcing systems and we expect it will prove to be a popular option for a variety of borrowers and amongst our intermediary partners.”