Hanley Economic Building Society has just announced the addition of two new products to its buy-to-let (BTL) range. This expansion includes a variable rate deal specifically designed for expatriates and a fixed-rate option tailored for those looking to remortgage. This development is set to offer more flexibility and choice to landlords navigating the complex BTL market.
Understanding the unique financial needs of expatriates, Hanley Economic has unveiled a variable discount mortgage. This product features a rate of 5.89%, which is a substantial 2.6% discount off the society’s standard variable rate (SVR) of 8.49%. Aimed at expatriates looking to invest in the UK property market, this mortgage option is accessible for both purchasing new properties and remortgaging existing ones.
Fixed Rate for Remortgaging
For landlords considering remortgaging, Hanley Economic introduces a two-year fixed-rate mortgage at 5.35%. This package is designed to offer stability in repayments and comes with attractive incentives, including a free property valuation and a reasonable arrangement fee of £700.
Both new offerings are characterised by their flexibility, catering to a broad spectrum of landlord requirements:
- Loan to Value Ratio: Loans are available up to an 80% loan-to-value (LTV) ratio, providing landlords with the opportunity to borrow against a significant portion of their property’s value.
- Interest-Only Basis: Borrowers have the option to pay only the interest on the loan, a feature that can significantly lower monthly outgoings.
- Loan Sizes: The society is accommodating a wide range of financing needs, with minimum loans starting at £30,000 and capping at £500,000.
These mortgages are subject to individual assessment, ensuring that the products are matched to the borrower’s circumstances and investment strategies.
David Lownds, the head of products and marketing at Hanley Economic, emphasises the society’s commitment to addressing the evolving needs of landlords, “We fully appreciate that the BTL lending landscape remains challenging for sections of the landlord community, but it will also continue to provide a wealth of opportunities along the way, provided they have access to a range of options that can help meet their changing needs. Our ex-pat offering was first introduced back in 2020 following substantial due diligence and extensive intermediary feedback and, with UK investment opportunities proving to be increasingly attractive, we hope this new offering will prove to be a popular option in what is a somewhat underserved area of the BTL market.”