Hanley Economic Building Society has launched a fee-free, 2-year tracker mortgage with a 95% loan-to-value (LTV) option.
The product features an initial pay rate of 5.75%, set at Bank of England Base Rate (BBR) +1%.
To lower upfront costs, it includes a free valuation, no application or arrangement fees, and £250 cashback upon completion.
The mortgage applies to properties in England, Wales, and Scotland (with Scottish Islands by referral) for both purchase and remortgage, with a minimum loan amount of £30,000 and a maximum of £500,000.
Each application will be assessed on an individual basis by Hanley Economic Building Society’s in-house underwriting team, meaning no credit scoring is required.
These products are available through the branch network and selected intermediary channels.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Our review of the high LTV market highlighted a gap for products linked to the Bank of England Base Rate.
“With potential base rate reductions on the horizon and the added flexibility offered by tracker mortgages, we believe this product could prove highly appealing to borrowers and drive increased interest and engagement among our intermediary partners.”
Lownds added: “As a forward-thinking mutual, we have a responsibility to make homeownership more accessible and affordable, particularly for those borrowers seeking higher LTV options, and we will continue evaluating our residential proposition accordingly.”
