Hanley Economic Building Society Update

Hanley Economic Building Society has outlined its commitment to lend where possible after implementing a raft of Covid-19 support measures.

Like the vast majority of lenders, the Society is in the process of refreshing a number of mortgage-related products in line with current market conditions. However, it is still accepting applications across all areas of lending including residential, buy-to-let, shared-ownership, retirement interest-only and self-build.

Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring, and all products remain available through the branch network and selected intermediary channels. Following the current government restrictions on social distancing, a lack of physical valuations will impact some applications until further notice.

Hanley has also restructured its customer service team to be able to answer enquiries as quickly as possible, and its broker helpdesk remains fully staffed to support intermediary partners.

From 1st May 2020, Hanley’s new SVR of 4.79% (passing on the 0.65% base rate drop) will come into play. This will be passed onto new and existing customers and will allow standard variable rate borrowers to save an average of £877 on their annual interest.

David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented:

“We understand that many of our intermediary partners and borrowers are anxious about the current situation. However, I can offer our assurance that we are fully committed to supporting each and every one through this difficult period and beyond.”

Focusing on the SVR cut, he added:

“As a membership business – and operating in some unprecedented times – it’s really important for us to be able to pass on the full 0.65% reduction in our SVR and to do so quickly. This will allow us to better support more borrowers in their time of need.”

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