General Mortgage Information
Before you take out a mortgage with The Hanley please take a little time to read our General Mortgage Information below
Type of Mortgages
The Hanley offers mortgages for the purpose of purchasing, re-mortgaging, re-mortgaging including capital raising and providing further funding for home improvements against a residential property on a first charge basis. The Hanley offers a range of different types of mortgages listed below. There may be times when a specific type of mortgage is not offered. A list of our current mortgage deals is available on our mortgage products page
Fixed Rate Mortgages
Where the initial payments are based on a specific interest rate for a set period of time, regardless of whether the lender’s standard variable rate changes or not. These mortgages are great as a way to budget as you always know how much the monthly payment is. You could lose out if interest rates drop but may be better off if interest rates increase
Discount Rate Mortgages
The interest rate is represented as a discount off the lender’s current standard variable rate for a certain period of time. These rates can go up as well as down over the period of the loan and although you may start off with a low rate you need to ensure your monthly budget allows for variation in your mortgage payment. (This type of mortgage has no link with The Bank of England Base Rate)
Standard Variable Rate Mortgages
Where the interest rate is determined by the lender. These rates can go up as well as down over the period of the loan and you need to ensure your monthly budget allows for variation in your mortgage payment. (This type of mortgage has no link with The Bank of England Base Rate)
Base Rate Tracker Mortgages
Where the interest rate goes up and down in line with the Bank of England Base Rate. The pay rate may be a specific rate above or below the Bank of England Base Rate. You may start off with a lower rate but are not guaranteed that this won’t increase in the future.
Self Build Mortgages
For information on our Self-Build mortgages, see our lending guide here.
The Hanley offers mortgages on a Capital and Interest (Repayment) basis, an Interest Only basis and a combination of both Repayment & Interest Only. Mortgage customers who choose Interest only as a repayment option have the responsibility to ensure the capital is repaid at the end of the loan. These customers are advised to regularly check the performance of any investment that is to be used as a repayment vehicle. Mortgage payments are to be made on a monthly basis by direct debit over the specified mortgage term
- The Hanley does not provide Foreign Currency mortgages
- The Hanley only lends on residential properties in England and Wales
- The Hanley provides mortgages with a minimum term of 1 year and a maximum term of up to 40 years
Early Repayment Charges
An early repayment charge is a charge that is applied if a borrower redeems their mortgage before the end of their incentive interest rate period on selected products. The charge is stated in the product details of all products and is calculated as a percentage of the balance repaid.
A mortgage of £153,000 payable over 25 years on our Standard Variable Rate (SVR) of 5.19% would require 300 monthly payments of £911.14
The total amount payable would be £273,747.11 made up of the loan amount plus interest (£120,382.11) a valuation fee of £260, a funds transfer fee of £35 and a mortgage exit fee of £95
The overall cost for comparison is 5.4% APRC representative
Please see The Hanley’s list of additional charges that are not included in the total cost of the mortgage. The mortgage charges are available on this website or a copy is available on request from any of the Society’s branches
All mortgage approvals are subject to the property having a mortgage valuation carried out on behalf of The Hanley. Depending on the mortgage product on offer at the time of application, a fee may be payable. Details of our valuation fees can be found here
There are no compulsory insurances that have to be taken out through The Hanley however buildings insurance must be in place prior to completion of the mortgage
This Mortgage is portable if you move house subject to the new consecutive loan being for at least the same amount of this mortgage and to be no greater than the loan to value as the current mortgage. The product may not be available in respect of any increase in borrowing or loan to value if you move house. In this instance The Hanley may offer you an alternative product.
If you decide to take out another product when you move house, the early repayment charge will apply.