Hanley Economic Building Society has expanded its residential mortgage range with two new products aimed at supporting foreign nationals living and working in the UK.

The society has introduced a two-year fixed rate and a two-year discount variable option, both available up to 80% loan to value, in a move designed to improve access to homeownership for skilled workers, healthcare professionals and returning expats.

NEW PRODUCT OPTIONS

The two-year fixed rate is priced at 4.99%, includes a free valuation and carries an arrangement fee of £1,199. The two-year discount variable option has an initial pay rate of 5.19%, reflecting a 2.65% discount from the society’s standard variable rate, currently 7.84%. This product also includes a free valuation and has an arrangement fee of £799.

Both products are available from day one in the UK to borrowers who hold a Skilled Worker or Healthcare Worker visa with at least six months remaining. Applicants must be paid in sterling and hold a UK bank account.

Cases will be assessed individually by the in-house underwriting team, with no credit scoring. The products can be accessed through Hanley’s branch network and selected intermediary channels.

INTERMEDIARY IMPACT

David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Many foreign nationals build their lives and careers in the UK yet find it difficult to access a mortgage which meets their needs.

“By widening our residential range, we want to give these borrowers access to competitive options that reflect how they live and work.

“The new products also give our intermediary partners more choice when supporting clients who are settled in the UK and ready to take their next step towards owning a home or refinancing.”