Development FinanceNews

Hanley Economic Building Society makes criteria change

Hanley Economic Building Society will now accept applications on flats situated up to and including 10 storeys high in its latest criteria change.

This is a rise from a previous maximum of five storeys and is available on all types of flats including shared ownership and new builds.

David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “The shared ownership and first-time buyer markets remain important platforms within the wider lending arena, and major focal points in our current product range.

“With increasing numbers of development and construction projects taking place – in terms of size, scale and volume – all over the UK, borrowers and intermediaries need more options in how they finance such property purchases.

This comes as the society have experienced a surge in new build and shared ownership applications in recent months.

Lownds continued: “As a forward-thinking lender we need to look up and take stock of shifts in market trends and the borrowing appetite of homebuyers.

“Many of our intermediary partners are seeing an uplift in the levels of their shared ownership business and we feel this criteria change will help them meet the needs of even more FTB, new build and shared ownership clients.”

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