Hanley Economic Building Society has launched a no fee two-year fixed rate buy-to-let product at 60% loan-to-value (LTV) with a rate of 1.84%.
The product has no application or product fees and is available for purchase or on a remortgage basis. The minimum loan amount is £30,000, with a maximum of £500,000.
Overpayments of up to 10% of the mortgage balance are permitted each year until 30 April 2021 and may be made by monthly standing order. Any additional overpayments above 10% during this period will incur a penalty calculated on the amount of the additional payment.
However, if the mortgage is repaid in full before 30 April 2021, an early charge will apply. This will be 2% of the balance repaid during this period.
Each case will be looked at on an individual bases by the in-house underwriting team, meaning no credit scoring, and both products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
“Despite facing some challenging times, the buy-to-let sector remains a competitive, innovative and robust sector of the mortgage market,” said David Lownds, head of marketing & business development at Hanley.
“Landlords, investors and intermediaries need all the support they can during the current political and economic climate, and we feel this product will provide a strong option for those looking to purchase and/or remortgage existing properties.”