Hanley Building Society
The Hanley Economic Building Society, (to give it its full title) is based in Stoke on Trent, Staffordshire and was Founded in 1854. Originally called The Staffordshire Potteries Economic Permanent Benefit Building Society, its name was shortened in 1930 to Hanley Economic Building Society.
It offers a range of discounted rate retirement interest-only (RIO) mortgages (for homeowners who are over 55 and already retired), which means that they come without any early repayment charges (ERCs) and overpayments can also be made without penalty.
The range charges the same fixed fee and offers the same loan range – from £10,000 minimum to £750,000 maximum. Hanley’s RIOs are available with or without you having a Lasting Power of Attorney in place and lower rates are offered for those with an LPA. The maximum borrowing varies between 50-65% depending upon the RIO you choose.
Affordability is judged on an individual basis, so for joint applications, each borrower must have enough income in their own right to afford the monthly interest repayments.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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