Hanley offers 1.58% fixed rate mortgage

Hanley offers 1.58% fixed rate mortgage

Hanley Economic Building Society has unveiled a two-year 1.58 per cent fixed-rate mortgage.

Hanley Economic launches 1.58 per cent two year fixed loan

The new loan is designed for both house purchases and remortgages, and is suitable for homeowners looking for a 65 per cent loan-to-value deal.

A total of £450 fees are applied, which includes a £200 product fee that can be added to the loan.

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Hanley Economic's mortgage is designed for people requiring a loan of between £30,000 and £1m.

Each application is considered on a case-by-case basis by the building society's in-house underwriting team, negating the need for credit scoring.

One standard valuation and free legal services are available for remortgage customers.

The mortgage is available via Hanley Economic branches and selected intermediaries.

An early repayment change is applied on mortgages that are repaid in full before January 31 2021.

This would comprise 2 per cent of the balance repaid during the loan period.

David Lownds, head of marketing and business development at Hanley Economic Building Society, said: "This pre-Christmas launch is targeted at those existing homeowners looking to review their mortgage arrangements come year-end, and for homebuyers looking for the security of a fixed rate deal amidst current political and economic uncertainty.

"This is already ranking very highly on sourcing systems and we expect it will prove to be a popular option for a variety of borrowers and amongst our intermediary partners."

Bob Riach, director of Riach Financial, said: "We don't see all that many products offering 65 per cent LTV, so this is interesting.

"The two-year fixed aspect is currently a popular choice with clients because of the normally competitive rates.

"However, we do advice clients to opt for five-year deals if they can because of all the uncertainties surrounding Brexit."