Hanley Economic Building Society has introduced two new residential fixed rate mortgages.

The first is a remortgage only 1.75% two-year 80% LTV fixed rate mortgage which comes with one free standard valuation and free legals.

The second is a five-year 95% LTV fixed rate mortgage with a headline rate of 3.45% which is available for house purchase or remortgage purposes.

Both of these products are applicable for properties in England, Wales and Scotland. They have a minimum loan amount of £30,000, a maximum loan amount of £500,000 and each have an application fee of £299.

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

David Lownds, head of marketing & business development at Hanley Economic Building Society, said: “First-time buyers, including those taking out a shared ownership option, accounted for 40% of all our new business lending in 2020/21. Moving forward, we are looking to support even more people onto the property ladder, especially those who may have smaller deposits but fit within our affordability profile.

“The remortgage market will also prove to be a key area for the intermediary market in Q1 2022 as a vast number of mortgage terms are set to mature and this pair of products will help provide valuable options for those looking to lock into a longer or shorter term deal.”