Later Life

Hanley Economic launches RIO range in Scotland

Hanley Economic extended its self-build, residential and near prime offerings into Scotland in November 2018.

Rozi Jones
|
9th July 2019
Scotland Houses
"The Scottish mortgage market is an increasingly important area of lending for the Society."

Hanley Economic Building Society has launched its retirement interest-only mortgage range into Scotland.

The Society says the decision is due to feedback from its Scottish intermediary partners who are seeking additional later-life lending options.

The RIO range was first launched in England and Wales in November 2018 and includes a 3.49% variable discount at a maximum LTV of 50% and a 3.74% discount with a maximum LTV of 65%.

The Society also offers a further discount of 0.50% for borrowers with a Lasting Power of Attorney in place.

Hanley Economic extended its self-build, residential and near prime offerings into Scotland in November 2018.

David Lownds, head of marketing and business development at Hanley Economic, commented: “The Scottish mortgage market is an increasingly important area of lending for the Society. We are constantly building strong relationships with intermediary partners who will benefit from the recent extensions in our range of lending options to meet growing demand from an array of borrowers north of the border.

“Later life lending is an area which is capturing the attention of the intermediary community and borrowers, although education and innovation is key in ensuring that this product type best fits the immediate and future needs of those borrowers in their twilight years. And this is an area we will continue to focus on across our overall RIO proposition in the coming months.”

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