Staffordshire based building society The Hanley has this week launched a new competitive discount mortgage with an interest guarantee not to exceed 5.99% over the next 5 years. The product has a pay rate of 2.99% which represents a discount from its Standard Variable Rate of 2.20% and is available to borrowers up to 75% loan to value.

David Lownds, Head of Risk at The Hanley commented on the launch of the product

“We believe that there are a large number of borrowers in the market who would like a very competitive deal and would also like the certainty that their rate of interest in the next 5 years will never go above 5.99%. Our new discount mortgage provides the best of both worlds and we expect demand to be high.”

The product is available direct from any of The Hanley’s branches, website or by telephone