Hinckley & Rugby Building Society has launched two new residential mortgage deals for later life borrowers of any age.
Both residential mortgages have the option of interest-only for up to 60 per cent of the property’s value.
The two products are a lifetime discount which has an initial pay rate of 2.79 per cent and a two-year fix at 2.99 per cent.
Both have a maximum LTV of 80 per cent, fees of £199 on application and £800 on completion with free valuations up to £1m.
For cases where the proposed mortgage repayment vehicle is the sale of a different property, the interest only element can be up to 60 per cent.
Hinckley & Rugby head of sales and marketing Carolyn Thornley-Yates says: “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.”