Hanley Economic Building Society has cut rates for first-time buyers by 70 basis points, while Family Building Society has brought down prices across selected residential home loans by as much as 65bps.
Hanley says two-year 95% loan-to-value fixes start at 5.69%, down from 6.39%. This product comes with no upfront fees, including a free valuation alongside no application or arrangement fees.
The offer applies to properties throughout England, Wales and Scotland, Scottish Islands by referral, with the size of the loan ranging from £30,000 to £500,000.
Hanley Economic Building Society head of products and marketing David Lownds says: “By removing any upfront fees at the 95% lending band, we can help reduce some financial burdens which potential buyers can put towards a deposit and not have to add onto their mortgage.
“We expect the first quarter of the year will deliver some pent-up FTB demand and we are committed to servicing these needs where possible.”
Meanwhile, Family Building Society, says its two-year owner-occupier interest-only and capital repayment loans have been reduced by 60bps, while its core five-year fixes (including the Family Mortgage) are down by 55bps.
The mutual adds its joint borrower, sole proprietor fixes have been cut by at least 60bps.
Highlights of its reductions cover:
Family Building Society director of business development Keith Barber says: “This new range of products and our manual underwriting expertise means there is a real alternative to the high street for the underserved borrower.”
