Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Hanley Intermediaries and Coventry for Intermediaries Lower Selected Mortgage Rates
Hanley Intermediaries and Coventry for Intermediaries have both announced reductions to selected mortgage rates, affecting a range of products relevant to UK property professionals.
Hanley Intermediaries has lowered rates across its residential, self-build, and retirement interest-only (RIO) mortgage offerings. The changes apply to several headline products. In the residential range, Hanley’s two-year variable discount mortgage at 95% loan to value (LTV) has been reduced from 6.32% to 5.77%. This product now offers a 1.97% discount from the standard variable rate (SVR) of 7.74%.
For self-build customers, the two-year BuildLoan Exclusive ECO variable discount mortgage is now 5.56%, down from 6.21%, and is available up to 80% LTV. This represents a 2.18% discount from the SVR. The two-year RIO variable discount mortgage has also been reduced, moving from 5.93% to 5.29%, with a 2.45% discount from the SVR and available up to 70% LTV.
Hanley Intermediaries stated that each application will be assessed individually by its in-house underwriting team, with no credit scoring involved. These products are available through the Hanley Economic Building Society branch network and selected intermediary channels.
Coventry for Intermediaries has also reduced selected residential and buy-to-let (BTL) rates by up to 16 basis points. The firm noted that many of these products are aimed at supporting first-time buyers and include £500 cashback. For example, its five-year fixed rate at 90% LTV with no fee is now 5.02% and comes with £500 cashback. The two-year fix at 85% LTV with no fee is now 5.09%, also with £500 cashback. Both options are available for first-time buyers. New and existing customers can access these reduced options.
These changes may be of interest to letting agents and inventory clerks monitoring mortgage product trends, as they could impact demand for rental properties and first-time buyer activity.
Source: Mortgage Solutions