"We stepped into the RIO market in May and have been so encouraged by the response that we now want to offer it to all intermediaries."
Hinckley & Rugby has launched its discount for term retirement interest-only product with no ERCs to the whole of the intermediary market following a trial with L&G Mortgage Club.
The discount for term product is 2.55% off the Society’s SVR with a current rate of 3.59%.
It is available at up to 60% LTV with a maximum loan of £500,000 and no maximum age.
All sustainable sources of income into retirement will be considered and the loan will be repaid from the sale proceeds of the property after a specified life event such as death or moving into long-term care. There is an application fee of £199 and the £800 completion fee can be added to the loan.
Head of sales and marketing, Carolyn Thornley-Yates, said: “We stepped into the RIO market in May and have been so encouraged by the response that we now want to offer it to all intermediaries.
“Our manual underwriting policy is particularly well suited to understanding and working with older borrowers. Any complex cases can be considered by the daily meetings of our Mortgage Referral Committee of senior decision makers and underwriters.
“Our helpful team at H&R for Intermediaries is keen to hear from advisers who are looking for later life lending on behalf of their clients.”