Hanley Economic Building Society has launched a fee-free two-year fixed rate product with a headline rate of 5.55%.

This product is available up to 75% loan to value (LTV) for purchase and remortgage purposes and includes a free valuation alongside no application or arrangement fees.

It also features a £250 contribution to remortgage legals.

The two-year fix is applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral) and comes with a minimum loan amount of £30,000 and a maximum loan amount of £500,000.

Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and these products are available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, head of products and marketing at Hanley Economic Building Society, said: “As we move towards the end of what can easily be described as a somewhat challenging year for lenders, intermediaries and many borrowers, it’s good to see increased competition emerging across the product arena and rates slowly but steadily decreasing.

“Despite a largely expected transactional lull, it’s important to point out that mortgage business is still being written and it’s vital that we, as a lending community, continue to find ways to provide responsible and well-priced solutions which can meet a range of borrowing demands moving forward.”