The Hanley Economic ups lending levels on flats

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The Hanley Economic Building Society will now accept applications on flats situated up to and including 10 storeys high.

This is a rise from its previous maximum of five storeys.

This is available on all types of flats including shared ownership and new builds.

The mutual said its move comes after extensive intermediary feedback. The society recently bolstered its shared ownership product range and has experienced an increase in new build and shared ownership applications in recent months.

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

David Lownds (pictured), head of marketing & business development at Hanley Economic Building Society, said: “The shared ownership and first-time buyer markets remain important platforms within the wider lending arena, and major focal points in our current product range.

“With increasing numbers of development and construction projects taking place – in terms of size, scale and volume – all over the UK, borrowers and intermediaries need more options in how they finance such property purchases.

“As a forward-thinking lender we need to look up and take stock of shifts in market trends and the borrowing appetite of homebuyers. Many of our intermediary partners are seeing an uplift in the levels of their shared ownership business and we feel this criteria change will help them meet the needs of even more first-time buyer, new build and shared ownership clients.”

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