Hanley Economic BS changes criteria across near prime product range

Hanley Economic Building Society has introduced two criteria changes across its near prime product range.

Borrowers who have been in a Debt Management Plan for over 12 months without a missed payment will be able to apply, as well as potential borrowers who may have missed one mortgage payment in the last year.

In September 2017, the building society launched its first near prime product, eventually moving on to housing three products in this range. Deals start from 3.19% at 50% loan-to-value (LTV) with a £500 fee, and 5% at 70% LTV with a £1,250 fee.

There is no credit scoring across the range, with self-employed and employed allowed. Advances are available up to £500,000.

Supporting customers who have had a ‘life event’ such as redundancy or a relationship breakdown is a mutual thing to do, according to David Lownds, head of marketing and business development at Hanley Economic Building Society.

He added: “We believe such people should still have access to a mortgage at a competitive interest rate and that’s why we initially entered the near prime sector.”

“Following a successful launch period, we have carefully extended this range and engaged with the intermediary community to implement the kinds of criteria changes demanded by their clients.”

“Our aim is to become the first alternative for intermediaries within this sector, and we are completely striving to better support their needs and those of their clients,” he said.