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Leeds issues no-fee RIO mortgage product

Leeds Building Society has released a no-fee fixe rate retirement interest-only mortgage, which the lender says is the only such offering on the market.

The mortgage is fixed for five years at 3.83 per cent on up to 55 per cent LTV and comes with a free standard valuation.

It is available for purchase and remortgages and features tapered early repayment charges that decrease to 2 per cent by 2024. The maximum loan comes in at £1.25m.

At the end of last month, Leeds launched a ten-year RIO, set at 3.99 per cent. It commands a £999 product fee.

Leeds Building Society director of products Matt Bartle says: “We continually keep our mortgage range under review and these products are the latest examples of our commitment to offering more choice to consumers, particularly those less well served by the wider market.”


Leeds Building Society offers ten-year fixes in RIO range

Leeds Building Society has added a ten year retirement interest-only deal to its mortgage range. The society was the first national high street lender to enter the market following the FCA’s reclassification of RIOs as standard mortgages. It previously offered five-year fixed terms but has now added two ten-year options to its offering, at 3.99 […]


Newbury Building Society enters RIO market

Newbury Building Society has launched its first retirement interest-only product. The  new product offering is restricted to applicants over 60 and has no maximum age limit and comes with free standard mortgage valuation for properties up to £1m. Free for remortgages and overpayments are also available. Newbury Building Society lending manager Roger Knight says: “As a […]

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The later life lending market has been the focus of much change in 2018 with the Financial Conduct Authority redefining retirement interest-only mortgages as standard mortgages in March. Lenders have been quick to respond with a range of new options, with some of the first to market being the Bath and Vernon Building Societies. Other […]

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