Hanley Economic extends maximum new build LTV to 95%

Hanley Economic Building Society has extended the maximum LTV on new build houses and flats to 95% on selected products within its residential mortgage range, including a shared ownership offering.

Related topics:  Mortgages
Rozi Jones
19th June 2018
New build house
"Many lenders have, in the past, avoided some areas of new build due to a lack of appetite and portfolio risk. "

Products available at 95% LTV include a 3.45% two-year shared ownership variable discount mortgage, a 2.95% five-year fixed rate discount product, and a 3.49% two-year fixed rate.

The Hanley said the move was in response to increased demand from intermediary partners where growing numbers of clients are seeking higher LTV lending options.

David Lownds, head of marketing and business development at Hanley Economic Building Society, commented: “Many lenders have, in the past, avoided some areas of new build due to a lack of appetite and portfolio risk. Thankfully times are changing - albeit slowly - and therefore there are still only a few providers lending up to 95% LTV on both houses and flats.

“We are delighted to be in a position to extend our offering to increase competition within this narrow lending band. As a forward-thinking building society we are always looking for ways to evolve and innovate to meet the changing needs of all types of buyers. Greater choice, backed by a flexible and experienced manual underwriting process, will help even more homebuyers and intermediaries across the UK to realise the vast potential attached to the new build sector.”

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