Hanley Economic Building Society has enhanced its buy-to-let (BTL) mortgage range with the addition of a new variable discount product for expats and a 2-year fixed-rate remortgage option, both available with up to 80% loan-to-value (LTV).
The expat-targeted BTL mortgage offers an initial pay rate of 5.89%, a 2.60% discount off the society’s standard variable rate of 8.49%. This product, designed for both purchasing and remortgaging, supports loans up to 80% LTV and includes a complimentary valuation, alongside a non-refundable application fee of £299 and a £700 arrangement fee that is deducted from the loan amount upon completion.
Furthermore, the society has introduced a 2-year fixed-rate BTL mortgage specifically for remortgaging. This product is also available up to 80% LTV and features a headline rate of 5.35%. It includes a free valuation and carries a £700 arrangement fee, which, similar to the expat product, is deducted at completion.
Both mortgage options are offered on an interest-only basis, accommodating loan sizes between £30,000 and £500,000. Applications are assessed individually by the society’s in-house underwriting team, without relying on credit scoring. These products are accessible through Hanley Economic Building Society’s branch network and selected intermediary channels.
David Lownds, head of products and marketing, said: “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.”
He further added: “Our expat 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.”
