20 Apr

Property owners 'may benefit from new mortgage offering'

Property owners 'may benefit from new mortgage offering'

Property owners in the UK may welcome the launch of a new home loan by the Hanley Economic Building Society.

The organisation has released a product for which consumers do not need a credit score.

Available on two-year contracts, the mortgage is charged at 3.35 per cent.

Commenting on the release of the offering, Martyn Smith, head of mortgage products at Legal & General said that while credit scoring has its place, more complex cases are not always conducive to this treatment.

According to the expert, there are many reasons why an otherwise credit-worthy individual might generate a low score.

He added: "Ditching credit scoring is an innovative, back-to-basics way of looking at lending and the rate on this product is extremely competitive too."

There is speculation that mortgage rates are to rise over coming months. As the economy continues to recover, the Bank of England's Monetary Policy Committee may up the base rate from its current level of 0.5 per cent.
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