Hanley Economic Building Society has announced it is launching a fee-free two-year fixed rate shared ownership mortgage available up to 95% loan-to-value (LTV) with a headline rate of 5.64%.
The product will offer borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit, and the society confirmed there are no application or arrangement fees, while it also comes with a free standard valuation.
Hanley Economic stated that there is a minimum loan amount of £30,000 and a maximum loan amount of £500,000 on the shared ownership product and this is available on properties throughout England and Wales, including new-build houses and flats up to 10 floors.
Each case will be looked at on an individual basis by the society’s in-house underwriting team, meaning it won’t include credit scoring.
Head of products and marketing at Hanley Economic, David Lownds, said: “The shared ownership conversation is escalating and the intermediary market will continue to play a key role in helping a variety of borrowers to carefully assess their options in the midst of what remains a challenging economic environment for many.
“Although this is a product which is available for both purchase and remortgage purposes, we expect this to be popular option for first-time buyers who still harbour strong homeownership aspirations and are fully equipped with the necessary information to head down the shared ownership route.”
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