"The next step was to create products specifically for later life borrowers"
Hinckley & Rugby Building Society has launched two residential mortgages for later life borrowers with no age limits.
The new mortgages – a lifetime discount and a two-year fix – are the lender's first products specifically for later life borrowers who will be over 75 at the end of the term.
The lifetime discount has an initial pay rate of 2.79% and the two-year fix is available at 2.99%, both with a maximum LTV of 80%.
For buyers who are downsizing, up to 50% can be interest only, rising to 60% for cases where the proposed mortgage repayment vehicle is the sale of a different property.
The products enhance the Society’s later life offer following its removal of maximum age limits across its entire mortgage range in November.
Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, said: “Doing away with a fixed age limit and considering each application individually has been warmly welcomed by brokers and their clients.
“The next step was to create products specifically for later life borrowers, and these first two mortgages have been carefully designed to give buyers the flexibility of a significant element of interest only if that is appropriate for their circumstances.
“We will look at each application in the round at the daily meetings of our Mortgage Referrals Committee of six senior staff, including the chief executive and chief customer officer. Where we can lend, we will lend.”