Legal & General Mortgage Club has launched an exclusive 90 per cent mortgage product with The Hanley Economic Building Society.
The product offers a variable discount for two years at 4.59 per cent (representing a 0.6 percentage point discount off the Society’s SVR), followed by the Society’s SVR for the remainder of the term.
It is available on purchases and remortgages for loans up to 90 per cent loan-to-value (LTV).
The booking fee for this product is £200, with an arrangement fee of £400. The deal also includes a free standard valuation on properties up to £250,000, with a contribution of £240 towards the valuation of properties worth more than £250,000. For remortgages, legal fees are also free up to the value of £250.
Martyn Smith, head of mortgage products at Legal & General Network, said: “We have built an excellent relationship with the team at The Hanley over the last couple of years resulting in some great product exclusives for our members.
“This is another example – a market leading rate at 90 per cent with low fees and valuation and legal incentives. Funds are understandably limited and The Hanley will require brokers to complete a checklist and budget planner to help ensure that the case will be accepted. This is a great product for those customers with just a 10 per cent deposit.”
Rob Hassall, business development manager at The Hanley, said: “Having successfully completed a previous tranche of business at 90% with L&G, we are pleased to re-launch into this market with them again on this exclusive competitive product.
“As a small lender, The Hanley prides itself on offering the Legal & General Mortgage Club members not only great rates but also individual underwriting backed up by great service to the Broker.”
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