Hanley Economic Building Society broadens BTL proposition
Hanley Economic Building Society has moved to broaden its buy-to-let proposition with the introduction of a variable discount ex-pat product and a two-year fixed rate remortgage-only deal, both available up to 80% loan-to-value (LTV).
The variable discount ex-pat BTL mortgage has an initial pay rate of 5.89%, which represents a 2.60% discount from the Society’s standard variable rate of 8.49%. This product is available for purchase and remortgage purposes up to maximum 80% LTV. It comes with a free valuation and is subject to a non-refundable application fee of £299 and a £700 arrangement fee – deducted from loan amount on completion.
The two-year fixed rate remortgage-only BTL product is available up to 80% LTV and comes with a headline rate of 5.35%. This product includes a free valuation and a £700 arrangement fee – deducted from loan amount on completion.
Both these products are available on an interest-only basis, with a minimum loan size of £30,000 and a maximum loan size of £500,000.
Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and these products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
David Lownds, head of products and marketing at Hanley Economic Building Society, commented: “We fully appreciate that the BTL lending landscape remains challenging for sections of the landlord community but it will also continue to provide a wealth of opportunities along the way, provided they have access to a range of options which can help meet their ever-shifting needs.
“Our ex-pat offering was first introduced back in 2020 following substantial due diligence and extensive intermediary feedback and, with UK investment opportunities proving to be increasingly attractive, we hope this new offering will prove to be a popular option in what is a somewhat underserved area of the BTL market.”
