"We, as a lender, are experiencing a slight uplift in the number of first-time buyer enquiries from our intermediary partners which signifies an encouraging development."
Hanley Economic Building Society has added a fee-free 95% LTV five-year fixed rate to its residential product range.
The fee-free five-year fixed rate product has a rate of 4.89% and is available for purchase and remortgage purposes on properties throughout England, Wales and Scotland (Scottish Islands by referral).
The product includes a free valuation and has no application or arrangement fees. It also comes with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.
Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring.
David Lownds, head of marketing and business development at Hanley Economic Building Society, commented: “Positive strides are being made across the housing and mortgage markets in the wake of increased economic stability and we, as a lender, are experiencing a slight uplift in the number of first-time buyer enquiries from our intermediary partners which signifies an encouraging development.
“Adjustments are being made by an array of potential borrowers to a higher interest rate norm and we remain committed to servicing the needs of first-time buyers when and where we can. As such, we have extended our 95% LTV range to include a competitive fee-free five-year fix which should help provide lower deposit borrowers with a little extra security and lessen upfront costs.”
