Hanley Economic Building Society has strengthened its later life insurance lending offering by expanding the maximum loan-to-value (LTV) on its Retirement Interest-Only (RIO) mortgages to 70%
David Lownds
The extensive range now includes: a RIO mortgage with a fixed interest rate of 5.34% and two years; a RIO mortgage with a fixed interest rate of 5.35% over five years; a RIO mortgage with a variable discount of 4.99% over two years, a discount of 2.85% on the company’s SVR, currently 7.84%.
Also a RIO mortgage with a variable discount of 5.29% over five years – a discount of 2.55% on the Society’s Standard Variable Rate (SVR), currently 7.84%
All products are available up to 70% LTV, are offered on a interest-only basis and include one free standard valuation. They are available for both purchase and remortgage purposes, with loan sizes from £30,000 to £1,000,000. The offer is open to borrowers who are already retired and aged 55 or over, and suitable for properties in England, Wales and Scotland (Scottish Isles by reference).
Comment on the product changes Hanley Economic head of product and marketing David Lownds said: “Extending our maximum LTV to 70% gives older borrowers more choice at a time when flexibility in retirement is becoming increasingly important.
“This update strengthens the support available to people looking to manage their housing and financial needs in later life, while maintaining a sensible, responsible approach to long-term affordability and stability. Our aim is to ensure that our intermediary partners and their customers have access to RIO options that are clear, practical and fit for purpose, and this enhanced offering reflects that ethos.”