Hanley Economic Building Society has added to its residential mortgage range with the launch of a fee-free, two-year 95% loan-to-value (LTV) tracker.
The product offers an initial pay rate of 5.75%, which is Bank of England Base Rate +1%.
It includes a free valuation, no application or arrangement fees and £250 cashback upon completion.
The deal is applicable for properties throughout England, Wales and Scotland (Scottish Islands by referral) for purchase or remortgage purposes and has 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: “Our review of the high LTV market highlighted a gap for products linked to the Bank of England Base Rate.
“With potential base rate reductions on the horizon and the added flexibility offered by tracker mortgages, we believe this product could prove highly appealing to borrowers and drive increased interest and engagement among our intermediary partners.
“As a forward-thinking mutual, we have a responsibility to make homeownership more accessible and affordable, particularly for those borrowers seeking higher LTV options, and we will continue evaluating our residential proposition accordingly.”
