Hanley Economic Building Society has bolstered its shared ownership product range through the addition of a no-fee, shared ownership variable discount mortgage for term with a headline rate of 2.89%.
The product will allow borrowers access to the shared ownership scheme for either house purchase or on a remortgage basis with only a 5% deposit.
There are no product or application fees on this offering, and the loan amount ranges from £30,000–500,000.
If the mortgage is repaid in full during the first two years, an early repayment charge will apply (2% of the balance repaid during this period).
David Lownds, head of marketing and business development at Hanley Economic BS (pictured above), said: “Shared ownership is a market which plays to the strength of smaller, innovative, flexible lenders with strong regional knowledge as it is more complex than a standard residential transaction.
“It is a product area which requires the support of a registered social landlord and affordability assessments need to include the rental proportion of the property, both areas which add a layer of complexity to the transaction.”
This news follows Hanley Economic BS’s launch of a two-year fix shared ownership deal.
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