Hanley Economic Building Society has extended the loan-to-value on new build houses and flats to 95% across selected products within its residential mortgage range, including a shared ownership offering.
This is in response to increased demand from intermediary partners where growing numbers of clients are reported to be seeking higher LTV lending options across a range of new build property types.
Products within Hanley’s residential range with lending of up to 95% LTV on new build properties are: a 2-year 3.45% shared ownership variable discount mortgage, a 5-year 2.95% discount mortgage and a 2-year 3.49% fixed rate mortgage.
David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “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.”