Two fee-free mortgage deals have been launched by Hanley Economic Building Society.
The two-year products are aimed at those with a minimum of either a 5% or 10% deposit.
The 95% loan-to-value (LTV) deal is a fixed rate product with a rate of 5.75%, while the 90% LTV deal is a variable discount mortgage with a rate of 5.3%.
The lower rate on the variable discount product is a 3.19% discount on the mutual’s standard variable rate (SVR) of 8.49%.
Hanley Economic Building Society said the products would help to reduce upfront fees with the benefit of a free valuation, as well as no application or arrangement fees.
The added bonus of £250 cashback is also paid on completion of the mortgage.
It applies to properties in England, Wales and Scotland for property purchases and remortgages.
There is also no credit scoring, as each case is assessed on an individual basis by an in-house underwriting team.
The new products are available via the Hanley Economic Building Society branch network and selected intermediary channels.
David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said: “As a lending community, it’s essential to support a diverse range of borrowing needs.
“By eliminating upfront fees, we strive to make homeownership more attainable and affordable, particularly at the higher-LTV bands.”
He added: “On the back of increasingly attractive mortgage rates, growing consumer confidence, and more favourable economic conditions, activity levels are expected to rise in the coming months.
“And the intermediary market remains best positioned to ensure that the needs of both first-time buyers and those seeking to remortgage are met through a variety of innovative and competitive solutions.”
