Hanley Economic Building Society has launched a no-fee 2-year shared ownership fixed rate deal at 95% LTV with a headline rate of 2.99%.
The product will allow borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit. There are no application or product fees, and the minimum loan amount is £30,000, with a maximum of £500,000.
David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “Although these products are also available on a remortgage basis, we expect them to generate great interest amongst the growing number of first-time buyers whose appetite for homeownership only appears to be rising despite lingering political and economic uncertainly.
“With a variety of borrowers needing all the support they can get, we are delighted to be in a position to improve our higher LTV offering to increase competition within this narrow lending band.
“Shared ownership is an important initiative for first-time buyers, and we are looking to utilise this product range to help even more homebuyers and intermediaries realise the vast potential attached to it.”
In addition, Hanley has also launched a 2.85% 2-year fixed rate mortgage at 95% LTV which is also available for house purchase and remortgage purposes.
It has a £250 application fee and comes with one free standard valuation and free legals for remortgage customers.
For both mortgages, if repaid in full before 31 March 2021 an early repayment charge will apply. This will be 2% of the balance repaid during this period.
Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring, and both products are available through the Hanley branch network and selected intermediary channels.