Family launches three new RIOs

Family Building Society has launched three new retirement interest-only mortgage products.

The lender’s 50 per cent LTV five-year fix comes in at 3.69 per cent and has a tiered ERC at 5 per cent in the first year of the mortgage falling year-on-year to 1 per cent in the last year, with 10 per cent per annum ERC free.

The building society has also launched a 50 per cent LTV with a discounted variable rate for term at 3.84 per cent. The product has a tiered ERC falling from 3 per cent in the first year to 1 per cent in the last, with 10 per cent per annum ERC free.

Both offerings are available via lump sum interest-only and have a £999 product fee.

The third product is a 50 per cent LTV flexible RIO with a discounted variable rate for term at 3.94 per cent.

This offering also has a tiered ERC that falls from 3 per cent in the first year to 1 per cent in the last, and a £999 product fee.

The lender adds that this product offers overpayments, underpayments, payment holidays and a borrow back facility.

All three offers will be available through selected intermediaries and require a minimum age of 65 on application.

Family Building Society director of business development Keith Barber comments: “In launching our RIO products we are pleased to be working with specialists Key and Age Partnership alongside a small number of other firms offering later life advice as part of their proposition.”

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