Hanley Economic Building Society outlines lending commitment and COVID-19 support measures

Jessica Bird

April 22, 2020

Hanley Economic Building Society has outlined its commitment to lend where possible, after implementing a range of COVID-19 support measures.

The building society is in the process of refreshing a number of mortgage-related products in line with current market conditions.

However, it is still accepting applications across all areas of lending including residential, buy-to-let, shared ownership, retirement interest-only and self-build.

Each case will be assessed on an individual basis by Hanley Economic Building Society’s in-house underwriting team, meaning no credit scoring.

All products remain available through the branch network and selected intermediary channels.

Due to government restrictions around social distancing, the lack of physical valuations will impact some applications until further notice.

Hanley’s customer service team will continue to answer enquiries, and its broker helpdesk remains fully staffed to support intermediary partners.

From May 2020, the building society will launch its 4.79% standard variable rate (SVR), passing on the 0.65% business rate drop.

This will be passed on to new and existing customers, and will allow SVR borrowers to save an average of £877 on their annual interest.

David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, said: “We understand that many of our intermediary partners and borrowers are anxious about the current situation.

“However, I can offer our assurance that we are fully committed to supporting each and every one through this difficult period and beyond.

“As a membership business – and operating in some unprecedented times – it’s really important for us to be able to pass on the full 0.65% reduction in our SVR and to do so quickly.

“This will allow us to better support more borrowers in their time of need.”

Sign up to our daily email