Hanley Economic BS announces RIO

Hanley Economic Building Society has launched a range of retirement interest-only mortgages.

The first product takes the form of a 50 per cent LTV, 3.49 per cent variable discount purchase and remortgage product.

A 65 per cent LTV product, meanwhile, features a 3.74 per cent variable discount, again for purchase and remortgage.

The minimum loan size for both is £10,000, the maximum £750,000, and the borrowers must both be retired and aged 55 or over.

The lender also reports that borrowers with a lasting power of attorney set up will enjoy a further discount of 0.50 per cent, and that those who obtain an LPA at a later take will also qualify for the discount at that time.

Hanley Economic BS head of marketing and business development David Lownds says: “Our RIO mortgages aim to fit the needs of older borrowers who are looking to remain within their current home but use some of the equity to fulfil a better retirement.

“For some this will mean carrying out home improvements, for others it will be to help their children or grandchildren to get onto the property ladder.”

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