The Mansfield Building Society has made a series of changes to its mortgages aimed at retired borrowers.
The lender’s capital repayment and interest-only mortgages are now available at 70 per cent LTV for retired borrowers up to age 85.
In addition, a property downsizing option is now available across the society’s full range of interest-only residential mortgages.
Mansfield launched its two RIO offerings back in September 2018 following the FCA’s decision to classify RIOs as standard rather than lifetime mortgages or equity release plans.
Mansfield development manager Paul Lewis (pictured) says: “To ensure that borrowers are able to stay in control of their financial affairs over time the society may suggest independent legal advice or a Lasting Power of Attorney as a condition of the mortgage offer, enabling the borrower to plan for, and enjoy, the retirement they worked hard for.
“Whatever the circumstances, it’s important that older borrowers understand the range of options available to them to help them make the right decision for the years to come – we’re thrilled to be playing our part in extending our criteria to meet this growing need.”