Hanley Economic BS launches no fee mortgage

Hanley Economic BS launches no fee mortgage

Hanley Economic Building Society has launched a two-year fixed rate buy-to-let product for purchase and remortgaging.

The product is offered at a rate of 1.84 per cent up to 60 per cent loan to value, both direct and via intermediaries.

There are no application or product fees on this deal, which asks for a minimum loan amount of £30,000 and a maximum of £500,000.

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David Lownds, head of marketing & business development at Hanley Economic Building Society, said: "Despite facing some challenging times, the BTL sector remains a competitive, innovative and robust sector of the mortgage market.

"Landlords, investors and intermediaries need all the support they can during the current political and economic climate, and we feel this product will provide a strong option for those looking to purchase and/or remortgage existing properties."

The society's latest product allows overpayments of up to 10 per cent of the mortgage balance each year until April 30, 2021.

But any overpayments above 10 per cent during this period will attract a penalty calculated on the amount of the additional payment.

If the mortgage is repaid in full before April 30, 2021 an early repayment charge will apply of 2 per cent of the balance repaid.

The lender stated it will look at each case on an individual basis and will not use credit scoring to determine eligibility.