Hanley Economic Building Society has launched a new fee-free two-year tracker mortgage.
The expands its residential mortgage portfolio and is available up to 95% LTV, making it suitable for first-time buyers and those with relatively little equity.
The tracker is priced at the BoE base rate, plus 1 percentage point, giving a current pay rate of 5.75%. There are no application or arrangement fees and the mortgage also offers a free valuation and a £250 cash back on completion.
The tracker deal is available for purchase and remortgage with a minimum loan of £30,000 and a maximum of £500,000. It is available on properties in England, Wales and Scotland and each case is individually assessed by Hanley Economic’s in-house underwriting team.
Hanley Economic BS head of products and marketing David Lownds says: “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 we believe this product could prove appealing to borrowers and drive increased interest and engagement among our intermediary partners.”