Hanley Economic Building Society has strengthened its residential and retirement interest-only (RIO) mortgage ranges with four new products.
The society has boosted its higher-loan-to-value (LTV) residential offering with a two-year fixed rate mortgage with a headline rate of 5.39%, available up to 90% LTV, as well as a two-year fixed rate mortgage with a headline rate of 5.64%, which is available up to 95% LTV.
In a bid to reduce upfront fees, these products include a free valuation alongside no application or arrangement fees, and £250 cashback will be paid on completion of the mortgage.
Both products have a minimum loan size of £30,000, a maximum loan size of £500,000 and are applicable for purchase and remortgage purposes.
Within its RIO mortgage range, two further products have been launched in the form of a fee-free five-year fixed rate with a headline rate of 5.93%, available up to 65% LTV.
This includes a free valuation alongside no application or arrangement fees.
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Hanley Economic Building Society has also introduced a two-year variable discount RIO mortgage with an initial rate of 5.55%, which is a 2.94% discount from the society’s standard variable rate (SVR) of 8.49%.
This is available up to 50% LTV and has a non-refundable arrangement fee of £299.
Both of these RIO products have no overpayment restrictions to help support borrowers in their later life lending requirements.
They have a minimum loan size of £30,000 and a maximum loan size of £2m at 50% LTV and £1.5m at 65% LTV.
They can be used for purchase and remortgage purposes and are only valid for applicants who are already retired and aged 55 or over.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Our ongoing commitment to offering flexible and accessible mortgage solutions is clearly demonstrated in our latest raft of product enhancements.
“The introduction of the high-LTV options comes at a critical time as we seek to help more purchasers ahead of the upcoming stamp duty changes, and by reducing upfront fees, we hope they will prove an attractive choice for borrowers.
“Additionally, the expansion of our retirement interest-only mortgage range provides invaluable support for borrowers in later life, reinforcing the society’s dedication to meeting diverse customer needs across various life stages.”
In November, Hanley Economic Building Society reported £95m gross mortgage lending for this year.
