The announcement follows increased demand from intermediary partners, whereby a growing number of clients are reported to be seeking higher LTV lending options across a range of new-build property types.
The products where 95% LTV on new-build properties is included are:
• a two-year 3.45% shared ownership variable discount mortgage
• a five-year 2.95% discount mortgage
• a two-year 3.49% fixed rate mortgage
In order to maintain regulatory and responsible lending boundaries, Hanley Economic has adopted an acceptable and unacceptable property remit.
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David Lownds, head of marketing and business development at Hanley Economic (pictured above), claimed that many lenders in the past had avoided some areas of new build due to a lack of appetite and portfolio risk.
“Thankfully times are changing – albeit slowly – and, therefore, there are still only a few providers lending up to 95% LTV on both houses and flats.
“We are delighted to be in a position to extend our offering to increase competition within this narrow lending band.
“As a forward-thinking building society, we are always looking for ways to evolve and innovate to meet the changing needs of all types of buyers.
“Greater choice – backed by a flexible and experienced manual underwriting process – will help even more homebuyers and intermediaries across the UK to realise the vast potential attached to the new-build sector.”