Hanley Economic mortgage (A full review)

In this blog, we will consider Hanley Economic mortgage reviews and how to analyse the publicly available information about Hanley Economic mortgages and be able to review them so you can make up your mind about if you want to apply for a mortgage with Hanley Economic.

Hanley Economic is a UK bank which offers mortgages in the UK.

What kind of mortgage does Hanley Economic offer

In our Hanley Economic mortgage review, we considered the various types of mortgages which Hanley Economic offered.

Hanley Economic Fixed-rate mortgages:

With these mortgages, the rates are fixed for a period of 2, 3 or 5 years and provides you certainty over your Hanley Economic Mortgages mortgage for that time frame.

Hanley Economic Variable rate mortgages:

You can access a host of variable mortgages through Hanley Economic Mortgages mortgages and these mortgages will have a variable rate which can be increased or decreased at any time by Hanley Economic Mortgages mortgages. You will be informed before a rate increase.

Hanley Economic Tracker mortgages:

You can access a host of tracker mortgages from Hanley Economic Mortgages mortgages. These mortgages will usually track the bank of England’s rate and will move in line with it, although it may not be the exact rate but rather a rate which will increase by the same point or decrease by the same point as the bank of England rate.

Hanley Economic Remortgages:

You can access a host of remortgages on any of Hanley Economic Mortgages mortgages products. To get a remortgage you may need to have sufficient equity in your home and meet the mortgage affordability requirements.

Do Hanley Economic mortgages allow you to make overpayments?

Hanley Economic Mortgages mortgages may also allow you to make overpayments on your mortgage but there may be a fee for doing so and a limit on how much you can overpay your mortgage each year. You should check your key facts illustration for this or ask your mortgage adviser.

Does Hanley Economic offer the best mortgage deals?

Whilst conducting our Hanley Economic mortgage review we looked to see what mortgage provider offered the best mortgage deals but during our analysis, we discovered that the mortgage rates which most consumers ended up getting were based primarily based on their own mortgage affordability and not necessarily the rates offered. This is because every borrower may have different circumstances.

How can you contact the Hanley Economic mortgage bank?

You can contact Hanley Economic directly through their website here.

Can I borrow more on my Hanley Economic mortgage?

Yes, you may be able to borrow more from your Hanley Economic mortgage if you meet the mortgage affordability requirements set out by Hanley Economic at the time of your request to borrow more from your Hanley Economic mortgage.

A few things you may want to do before you apply for a further advance:

Check your credit score

If your credit score is down then focus on credit building activities such as:

• Registering on the electoral roll
• Getting a credit builder card
• Getting a secured credit card
• Getting a credit builder loan
• Avoid missing credit repayments
• Avoid making late payments

How do Hanley Economic mortgages treat first-time buyers?

If you are a first-time buyer then Hanley Economic mortgages welcome you and you may be able to find some mortgage products on offer which may suit you.

Government schemes help you reduce the amount of mortgage deposit you may need to put down, reduce the price of the property or create a structure that increases your mortgage affordability much sooner than it would have been.

Some of these include first-time buyer government schemes whilst others in this list are accessible to you even if you are not a first-time buyer.

Government schemes are not available to you if you are getting a buy to let mortgage.

The Government schemes include:

• Lifetime ISA– gives you a government bonus of £1,000 if you save a maximum £4,000 a year.
• Help to buy ISA– gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
• Help to buy equity loan– gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
• Shared ownership– You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
• Armed forces help to buy– similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
• Rent to buy– This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
• Right to buy– allows you to buy your home at a discount price.
• Preserved right to buy– same as above.
• Right to acquire– similar to the above.

Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.

Is Hanley Economic a good mortgage lender?

As with all mortgage lenders, you will have to make up your own mind on if Hanley Economic is a good mortgage lender or not.

Throughout our Hanley Economic mortgage review, we didn’t find any reason to term Hanley Economic mortgages as a bad mortgage lender.

You should also be aware that all residential mortgage lenders in the UK are regulated by the FCA and so they have to meet certain minimum standards. Mortgage lenders and all FCA regulated entities have to “treat customers fairly”.

If a mortgage lender doesn’t treat you properly then you may be able to claim compensation from the financial services compensation scheme.

What is a Hanley Economic mortgage in principle?

A Hanley Economic mortgage in principle is simply a letter which indicates how much Hanley Economic mortgages is willing to lend to you. 

The mortgage in principle will usually be valid for 90 days. If you need further time then you may be able to get an extension on your mortgage in principle. Some mortgage lenders may require you to make a new mortgage in principle application.  

If you are buying a property off-plan e.g a new build property then you may need a mortgage in principle which lasts for several months and in some cases up to 12 months. 

How long does Hanley Economic give to complete a mortgage?

When buying a property most mortgage lenders will give you 6 months within which you must complete on the mortgage. This is the same with Hanley Economic mortgages. If you need more time you may be able to apply for an extension but you may be charged some fees.

You may also be required to make a new mortgage application if the mortgage lender (as most mortgage lenders) has a maximum time in which they will allow a mortgage offer to be valid.

What documents do I need for a Hanley Economic mortgage?

During our Hanley Economic mortgage review, we tried to come up with a sample list of documents you may be expected to have before applying for a mortgage in principle with Hanley Economic.

Having these documents ready before you apply for your mortgage in principle will ensure your mortgage application is handled swiftly and you can get a mortgage offer in record time once you have found a property you want to buy.

The documents you may need include:

Your Passport Or driver’s license for identification

3 months worth of bank statements

3 months worth of payslips

An accountant’s certificate for mortgage

Your P60 tax return

Your SA302 tax calculation form(if you are self-employed)

Your company accounts or self-employed accounts if you are self-employed

Your contracts if you are a contractor

How long does a Hanley Economic mortgage take?

A Hanley Economic mortgage application may take as much as 4 weeks to complete but this all depends on your own individual circumstances. If you have a more complex situation then your Hanley Economic mortgage application could possibly take longer.

If you want to reduce the amount of time your mortgage application may take then you should get your mortgage documents ready before you start the mortgage process and look to engage the key personnel you may need as early as possible. This could include a mortgage broker, a conveyancer and a real estate agent.

How long does a Hanley Economic remortgage take?

When conducting our Hanley Economic mortgage review we considered how long the remortgage process could take with Hanley Economic. The remortgage process could take as long as 4 weeks but this is all dependent on your personal circumstances. If you are getting a remortgage on a non-standard construction property then you may find that it takes longer to get a remortgage.

This could also be the case if you have bad credit. You may need a specialist bad credit mortgage broker to assist you in finding a mortgage lender willing to offer you a remortgage.

If you are remortgaging from Hanley Economic to another mortgage lender then you will need a redemption statement.

This is a document which your mortgage lender gives you to let you know how much you need to pay to settle your mortgage.

You may want to consider a few factors before requesting a mortgage redemption statement. E.g when will the last interest charge be placed.

How much can you borrow from Hanley Economic?

The amount you may be able to borrow from Hanley Economic is completely dependent on your mortgage affordability but Hanley Economic may offer a mortgage multiple of up to 5.

Most mortgage lenders will offer mortgage multiples of around 3 or 3.5.

They may also have a maximum amount which they may borrow regardless of the mortgage multiple.

What happens after your fixed-rate Hanley Economic mortgage deal is over?

During our Hanley Economic mortgage review, we discovered that as with most mortgage lenders when your fixed-rate mortgage deal ends you will be moved over to the mortgage lenders standard variable rate deal. This is usually more expensive than the fixed-rate deal.

To avoid this you can remortgage at the end of your fixed-rate mortgage deal to a better mortgage than the standard variable rate deal you would have automatically been moved on to.

To ensure you are always on the best mortgage rate you can sign up to a mortgage management platform which searches the best mortgage rates on the market which you are eligible for and nudges you to switch to a better mortgage rate.

Hanley Economic mortgage deals

In our review, we considered the types of deals that Hanley Economic mortgages had but we didn’t feel it necessary to include them here as the mortgage deals or remortgage deals offered were subject to change at any time and the best way to see what mortgage or remortgage deals are currently available is to check with the respective mortgage lenders or your mortgage broker.

Can you get a Hanley Economic mortgage with Bad Credit?

In our Hanley Economic mortgage review, we considered if you could get a Hanley Economic mortgage with bad credit.

In reality, it is very hard to answer this question as it depends heavily on the type of bad credit you may have.

Hanley Economic mortgages will consider this and let you know if you are eligible for their mortgage products.

Bad credit could include:

A CCJ

An IVA

A debt management plan

A default

A bankruptcy

A home repossession

How do I get a mortgage statement from Hanley Economic?

You can manage your Hanley Economic mortgage online. When you sign up to Online Banking you’ll create a mortgage login which allows you to view information such as your current mortgage arrangements, interest rates, outstanding balance, and more.

Will I be able to manage my Hanley Economic mortgage online?

Yes. Once you’ve signed up for online banking, you’ll be able to see your mortgage information online. This includes:

outstanding balance

remaining term

next monthly payment

interest rate

the previous year of payments (including any overpayment charges)

Will I need life cover or critical illness cover with a Hanley Economic mortgage?

Some mortgage products may require you to get a life cover or critical illness cover. You should ask your mortgage broker or mortgage adviser to determine if you will need to have life cover or critical illness cover along with your mortgage.

Most mortgage lenders will insist that you have house insurance before they complete on the mortgage. This means the property will be covered in case there is a fire, flood or incase any serious structural issues occur.

Using a mortgage broker for your mortgage

Use a mortgage broker for your mortgage in principle

You may want to use an independent mortgage broker to help you get a mortgage on your new home.

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document that details the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer, and set a completion date with the seller or their conveyancer.

This will then bring an end to the conveyancing process, at which point you will receive the keys to the house and move in.

How do I contact Hanley Economic?

You can contact the mortgage lender via their website here.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.