Hanley makes discount available to intermediaries
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Hanley Economic Building Society has made its first-time buyer discount mortgage available to intermediaries through Pink Home Loans, Personal Touch Financial Services, London & Country, Legal & General Mortgage Club and Sesame.
The deal is available for loans up to 95 per cent of valuation and offers a 0.44 per cent discount for three years, giving a current pay rate of 4.25 per cent. The intermediary version has a broader scope than the direct version in that it is available for loans up to £250,000 rather than £150,000.
Defaqto insight analyst for banking David Black says: “It’s encouraging to see more choice for new borrowers at higher LTVs, but those seeking a 95 per cent LTV mortgage still have very limited choice. Looking at three-year discounted rates, the Hanley’s 4.75 per cent is significantly higher than the Newbury Building Society’s 3.95 per cent but the Hanley mortgage does offer a £250 cashback and a free valuation.
“Standard variable rates, on which discounts are based, are more likely to go up than down so anyone contemplating a discounted mortgage should bear this in mind. However, the lowest generally available fixed-rate mortgages at 95 per cent LTV for new borrowers are the Bath Building Society’s three-year fixed rate at 5.29 per cent with a fee of 0.5 per cent plus £100 or the Shepshed Building Society’s first-time buyer five-year fixed at 5.49 per cent with a £499 fee or £999 through an intermediary.”
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