Hanley Economic Building Society

Hanley Economic Building Society has launched a five-year fixed-rate BTL remortgage option.

The new product, available at up to 80% LTV for properties in England and Wales, offers loans between £30,000 and £500,000 at 3.03%.

It includes a £750 product fee and a valuation fee subject to property value.

The BTL product is available through the society’s branch network and selected intermediary channels

Each case will be looked at on an individual basis by the in-house underwriting team, meaning no credit scoring.

David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “It’s clear that the remortgage market has started 2022 with a bang, and with the Bank of England raising interest rates for the second time in three months to 0.50%, demand amongst homeowners and landlords who are in a position to take advantage of some highly competitive rates is set to intensify.

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“In order to satisfy these demands, choice is vital for such borrowers when it comes to the length of product terms, access to higher LTV lending and in lowering upfront costs. 

“We believe this product will prove attractive to our intermediary partners and help provide a competitive new option within the remortgage market.”

Vida

Vida has launched a range of new, limited-edition BTL products for purchase and remortgage.

The new five-year fixed-rate options, all available at 75% LTV, include:

• a standard BTL product offered at 3.04% with a £1,495 fee
• a fee-free BTL option priced at 3.19%
• an HMO product available at 3.19% with a £1,995 fee

This follows a series of recent changes to its BTL suite, including the launch of a new limited-edition product and rate reductions across three of its current limited-edition BTL options. 

Richard Tugwell, director of mortgage distribution at Vida, said: “As a lending specialist, we are constantly assessing the market, monitoring demand and looking to ensure we are always providing a first-class service and enhancing our offering. 

“Our new product launches today are another step in achieving this, and we’re confident that these offerings are a great solution to help borrowers who are cut out of traditional high-street lending.”