Hanley Economic Building Society has enhanced its later life lending proposition with the launch of two retirement interest-only (RIO) mortgage products.
A two-year fixed rate RIO mortgage is available at 5.99%, up to 65% LTV. For those seeking longer-term stability, a five-year fixed rate RIO mortgage offers a headline rate of 5.79%, also available up to 65% LTV.
To help reduce upfront costs, both products are available with no application or arrangement fees and include a free valuation.
Available on an interest-only basis, they can be used for both purchase and remortgage purposes, with loan amounts ranging from £30,000 to £2,000,000 at 50% LTV or £1,500,000 at 65% LTV. Eligibility is limited to applicants who are already retired and aged 55 or over, and the products are suitable for properties across England, Wales, and Scotland (Scottish Islands by referral).
Each case will be assessed on an individual basis by the in-house underwriting team, meaning no credit scoring.
David Lownds, head of products and marketing at Hanley Economic Building Society, commented: “We continue to see growing demand for accessible, flexible later life lending options. These new RIO fixed rate products offer peace of mind and budgeting certainty, particularly for borrowers looking to manage their retirement finances carefully. By removing upfront costs and providing individual underwriting support, we aim to ensure that more older homeowners have the tools they need to stay in control of their property decisions.”
