Staffordshire based mutual Hanley Economic Building Society has launched a new First Time Buyer Mortgage to help local people wanting to get onto the property ladder. The deal which only requires a 5% deposit and has a competitive initial pay rate of 4.75%.

Explaining the decision, David Lownds, Head of Risk at The Hanley commented

“As a local building society with our roots firmly in Staffordshire we are committed to supporting local buyers. As a prudent and responsible lender we feel there are a number of First Time Buyers who are simply ruling out the prospect of buying their first property because of the need for a large deposit.

We believe there are many local people who are renting as they have been cut out of the housing market due to the scale of deposit required.  Also in terms of affordability rental costs have increased sharply in the past couple of years which means for many local people a monthly mortgage payment is financially a better option.

Buying your first home is an experience that many people aspire to and our careful and responsible approach to lending sees each borrower given quality mortgage advice from our team of local experienced mortgage advisers. “

The new product has an initial pay rate of 4.75% which represents a 0.44% discount off The Hanley’s Standard Variable Rate (SVR). It has a free valuation and provides a £250 cashback on mortgage completion.

For more information visit your local branch of The Hanley, call 01782 255000 or visit www.thehanley.co.uk