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 mutual, we listened to our members who expressed a need for a RIO mortgage.
“People are living for longer and therefore, as a lender, it is our responsibility to ensure we are offering the right products at the right time.
“We hope our RIO five-year discount variable mortgage product ticks all the correct boxes and enables borrowers to fulfil their retirement ambition.”
The FCA reclassified interest-only mortgages from lifetime mortgages or equity release plans to standard mortgages in March.