The Hanley Economic Building Society has unveiled a two-year residential fixed rate deal with a headline rate of 1.58%.

The product has a 65% LTV and is available for house purchase and remortgage purposes.

Total fees amount to £450, including a product fee of £200 which can be added to the loan.

It also comes with one free standard valuation and free legals for remortgage customers.

The minimum loan amount is £30,000, with a maximum of £1,000,000. If this mortgage is repaid in full before 31 January 2021 an early repayment charge will apply. This will be 2% of the balance repaid during this period.

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring.

This product is available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, head of marketing & business development at the Hanley Economic Building Society, said: “This pre-Christmas launch is targeted at those existing homeowners looking to review their mortgage arrangements come year-end, and for homebuyers looking for the security of a fixed rate deal amidst current political and economic uncertainty.

“This is already ranking very highly on sourcing systems and we expect it will prove to be a popular option for a variety of borrowers and amongst our intermediary partners.”