The Nottingham Building Society has announced its move into the retirement interest-only space with the launch of three of the later life lending products.
The offerings come in three 40 per cent LTV flavours: a two-year discount, which has an initial rate of 2.99 per cent, a three-year fix, at 3.34 per cent, and a seven-year fix, at 3.85 per cent.
All of the above products command a £995 fee and come with free valuations.
2019 so far has seen a series of RIO announces, including new deals from Ipswich Building Society, a market entry from Newbury Building Society, and the launch of a ten year product from Leeds Building Society.
The Nottingham head of intermediary sales Nikki Warren-Dean (pictured) comments: “As with all The Nottingham for Intermediaries products, RIO mortgages are provided exclusively via our broker network so we have every confidence they will be supplied with expert advice and support to ensure it’s the right fit for the customer.”
Legal & General Mortgage Club head of lender relationships Danny Belton adds: “It is great to see The Nottingham recognise the need for improved criteria and innovation for older borrowers with their new RIO mortgage range.”