Mortgage Information

Name: The Hanley Economic Building Society
Address: Hanley Economic Building Society, Granville House, Festival Park,, Hanley, Stoke-on-Trent, ST1 5TB, GB
Telephone: 01782 255000

Question 1

Can I qualify for this mortgage if I'm self-employed?

Accepted Answer

Yes! We require you to be self-employed for a minimum of 2 years and would need to see the latest 2 years accounts.

Question 2

I have covered my mortgage in the event of my death, do I need other cover for my family?

Accepted Answer

It’s great that you have seen the need to cover what is probably your biggest debt, so that the family still have a home to live in.

However you should also think about how they can continue to live in the family home, i.e. the monthly bills, such as the utilities, council tax, food shopping etc. In addition will there be extra bills that need to be paid, such as more child care. An advisor can talk through this with you, and based on your families circumstances show you what you may need, or if you have covered everything you need giving you peace of mind.

Question 3

If I’m paying more in rent than your affordability calculations suggest, can I borrow more?

Accepted Answer

No—the key requirement is that your rent must be equal to or more than your mortgage payment. This helps ensure long-term affordability while maintaining a responsible lending approach.

Question 4

What if I’ve moved in the last 12 months and my rental payments have changed?

Accepted Answer

That’s absolutely fine! As long as you’ve been renting continuously for at least 12 months—even across multiple properties—we can consider your application. When assessing how much you can borrow, we’ll initially look at the lower rent amount. However, if there’s strong evidence that you can comfortably afford the higher rent, we may take that into account. Each case is reviewed individually, so we’ll work with you to understand your situation

If we are moving in together and have both been renting separately- will you use the combined rental payment if we meet affordability criteria and everything else is acceptable.

Question 5

How much can I borrow?

Accepted Answer

Every lender will be different in their approach to what you can borrow and unfortunately there is no set calculation. The actual amount you’re eligible to borrow will be determined by the cost of the property you wish to purchase, the size of deposit you have, your income and affordability (taking into account your monthly financial commitments and any future commitments). Refer to our Affordability Calculator to get an indication of what your monthly mortgage repayments could be.

Question 6

My mortgage account is in arrears - will you take my property into possession

Accepted Answer

Please be assured that taking possession is not what the Society wants to do, contact us on 01782 255000 to discuss options available to you. We will work with you to set up an arrears arrangement or agree on a way forward.

Question 7

Can I still apply if I have bad credit?

Accepted Answer

We assess credit history as we do with any mortgage application. We’ll consider your situation in line with our lending policy, so it’s always worth checking to see what’s possible. You can find full details in our lending policy. Our full lending criteria! Easy to use and search | The Hanley

Question 8

How much deposit do I need?

Accepted Answer

Depending on circumstances and our current mortgage offering, we can look at mortgages from 5% deposit. We recommend speaking with one of our mortgage advisors to find out what deposit you would need.

Question 9

Standard Variable Rate & Bank Base Rate History

Accepted Answer

The Society's Standard Variable Rate (SVR):

From 01 Dec 2008 5.85%

From 01 Jan 2009 5.35%

From 01 Feb 2009 4.99%

From 01 Apr 2009 4.74%

From 01 Mar 2010 5.19%

From 01 Sep 2016 4.94%

From 01 Dec 2017 5.19%

From 01 Sep 2018 5.44%

From 01 May 2020 4.79%

From 01 Aug 2022 5.69%

From 01 Nov 2022 6.44%

From 01 Dec 2022 6.99%

From 01 Jul 2023 7.44%

From 01 Sep 2023 7.99%

From 01 Dec 2023 8.49%

From 01 May 2025 8.24%

From 01 Jul 2025 7.99%

From 01 Oct 2025 7.84%

From 01 Feb 2026 7.74%

Bank of England Base Rate (For tracker products)

From 01 Dec 2008 3.00%

From 01 Jan 2009 2.00%

From 01 Feb 2009 1.50%

From 01 March 2009 1.00%

From 01 April 2009 0.50%

From 01 Sep 2016 0.25%

From 01 Dec 2017 0.50%

From 01 Sep 2018 0.75%

From 01 Apr 2020 0.10%

From 01 Jan 2022 0.25%

From 01 Mar 2022 0.50%

From 01 Apr 2022 0.75%

From 01 Jun 2022 1.00%

From 01 Jul 2022 1.25%

From 01 Sep 2022 1.75%

From 01 Oct 2022 2.25%

From 01 Dec 2022 3.00%

From 01 Jan 2023 3.50%

From 01 Feb 2023 4.00%

From 01 April 2023 4.25%

From 01 June 2023 4.50%

From 01 July 2023 5.00%

From 01 Sep 2023 5.25%

From 01 Sep 2024 5.00%

From 01 Dec 2024 4.75%

From 01 Mar 2025 4.50%

From 01 Jun 2025 4.25%

From 01 Sept 2025 4.00%

From 01 Jan 2026 3.75%

For a full list of Bank of England base rate changes click here.

Question 10

What bank account details should I use to send money electronically?

Accepted Answer

Sort Code: 30-93-83 Account Number: 00005102 Reference: Your mortgage account number.

Please ensure that the beneficiary/payee name is your full name (first & surname).

Question 11

Do the Society hold my Deeds as I have redeemed my mortgage?

Accepted Answer

No, there is no longer a requirement to retain Deeds as the Title is registered at the Land Registry.

Question 12

Does this scheme apply to Shared Ownership properties?

Accepted Answer

No, this scheme isn’t available for Shared Ownership. Shared Ownership mortgages require a separate product and a minimum 5% deposit. If you’re interested in Shared Ownership, our team can discuss alternative options with you.

Question 13

I’ve been renting alone and my partner (who lived with parents) is moving in, can we borrow more?

Accepted Answer

Not under the current 100% LTV scheme. We base affordability on the rental payments you’ve been making, as this helps ensure you can comfortably manage the mortgage repayments. Since your partner hasn’t been contributing to the rent, their income wouldn’t increase the loan amount in this case.

Question 14

How much do I need to earn?

Accepted Answer

Your household income needs to be more than £25,000.00 per year and you will also need to meet our affordability criteria which will consider your committed expenditure (Committed expenditure is money you have to pay regularly because you’ve agreed to it. This includes things like loan repayments, insurance, and childcare. It’s the money you must pay before spending on other things like food or entertainment.)

Question 15

What if I can afford more than my rent? (For example, I’m paying below-market rent to a friend or family member)

Accepted Answer

Right now, our approach is to align mortgage payments with what you’re currently managing. However, we’re always reviewing our criteria—if we see strong demand from customers who can afford more, we may consider adjustments in the future. In the meantime, if you’d like to pay more, you can make overpayments of up to 10% per year to help reduce your mortgage balance.

Question 16

Do I have to buy the home I’m currently renting?

Accepted Answer

Not at all! You’re free to choose any property, as long as it meets our security requirements and is located in an ST postcode area. This gives you the flexibility to find the right home for your future.

Question 17

Can I change the date of my Direct Debit?

Accepted Answer

Yes, you can choose any date for your direct debit to be collected, from 1st - 28th of the month. Please contact us on 01782 255000 to make this change

Question 18

What do I do if I am having trouble paying my mortgage?

Accepted Answer

View our Mortgage Support Page and Contact us on 01782 255000 or complete the Existing Customer Affordability Assessment and email it to us at mortgageservices@thehanley.co.uk and we will contact you to discuss mortgage assistance once we have received your existing customer affordability form.

Question 19

What are your opening hours?

Accepted Answer

Our mortgage services team are available to help you with your queries  Mon-Fri 8am-5pm. To make a payment in branch, please see our branch opening hours.

Question 20

What is a remortgage?

Accepted Answer

This is simply swapping the mortgage you have on your current property for another mortgage with a different lender. You may consider this option if your existing mortgage deal has expired and you want to see if a more competitive deal is available. You could also consider this if your circumstances have changed and you want to borrow more. There are many reasons why you would remortgage but this does not involve moving home.

Question 21

I’ve saved a small deposit (less than 5%)—can I use it for this product?

Accepted Answer

Absolutely! Even a small deposit can make a difference—it will help lower your monthly repayments and reduce the amount of interest you pay over time. If you’d prefer to continue saving until you reach a 5% deposit, you might qualify for a different mortgage product. We’re here to help you explore your options and decide what works best for you.

Question 22

Why do my mortgage payments need to be the same or less than my rent?

Accepted Answer

We’re making homeownership achievable while ensuring it remains affordable for you. Since you’re already managing your current rent and living costs, we use this as a benchmark to confirm you can handle mortgage repayments. Because this mortgage covers 100% of the property value, we take extra steps to manage risk—for both you and us as a lender. Keeping payments in line with rent helps make sure you’re not overcommitting financially.

Question 23

Why are my monthly payments not reducing the outstanding capital balance by as much as I am paying per month?

Accepted Answer

At the beginning of the term, most of the payment is used to cover the interest and only a small amount is paid towards reducing the mortgage. Over the course of the repayments, more and more of the monthly payment is comprised of paying back the capital borrowed.

Mortgage Help

Useful Information

Existing Customers Product Switch

Home Buyers Guide

Solicitors Panel

Direct Debit Mandate Form

Mortgage Calculator

Mortgage Fee’s Review

Latest News

Interest Rate Update – February 2025

Interest Rate Update - November 2024

Important Update: Changes to How You Pay into Your Account from 21st October

Interest Rate Update - August 2024

5 Essential Steps to Safeguard your Finances

Standard Variable Rate Increase – 1st December 2023