Cambridge Building Society has introduced two new fixed rate retirement interest-only (RIO) mortgage products to its later life lending range.
The new two and five-year fixed rates are available to customers aged 55 years and over, with a maximum loan size of £750,000 and a loan to value of 55%.
These products are offered alongside the Society’s existing RIO variable rate mortgage and strengthen The Cambridge’s later life lending proposition which also includes an interest-only offering to age 80 and the removal of any upper age limit on a repayment basis. Undrawn pension pots and investment portfolios can also be used to aid affordability.
Kathy Bowes, intermediary manager at The Cambridge, said: “Later life lending is an increasingly important area for our members and intermediary partners, as the number of older borrowers continues to grow and demand rises for flexible mortgage solutions that support their needs.
“Our purpose is to help people have a home, and by enhancing our RIO range we are reinforcing our commitment to providing responsible, flexible mortgage solutions for the later life market.”
