Hanley Economic Building Society has updated its shared ownership mortgage offerings, introducing a new 3-year fixed rate product and reducing the interest rate on its medium-term fixed rate option by 0.60%.
The new 3-year fixed rate mortgage is available with up to 95% loan-to-value (LTV) at a rate of 5.65%.
Meanwhile, the rate cut brings the medium-term fixed rate shared ownership mortgage, also available up to 95% LTV and maturing on 30 November 2028, down to 5.20% from 5.80%.
Designed to facilitate access to the shared ownership scheme for house purchases or remortgages with just a 5% deposit, these products do not carry application or arrangement fees and include a free standard valuation.
Loans range from £30,000 to £500,000, catering to properties across England and Wales, including new build houses and flats up to 10 storeys.
Applications will be assessed individually by the society’s in-house underwriting team, bypassing credit scoring, and the products are accessible through Hanley Economic Building Society’s branch network and select intermediary channels.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “2024 has started with a constant stream of enquiries from a variety of first-time buyers who are now more aware of the interest rate landscape, their own borrowing capabilities and their options.”
