A wider range of later life mortgages has been launched by Vernon Building Society for borrowers in England and Wales aged 55 and over.
By meeting the diverse needs of the borrower later in life, pension, retirement and interest-only (RIO) products can accommodate different income streams, including existing assets and retirement benefits on a drawdown basis, even if they are not currently being used.
The Into Retirement product, with no maximum age criteria, offers a five-year fixed rate of 4.74% with a £999 fee and free valuation and a two-year discount of 4.65% with a £499 fee and 25% overpayment with no fees.
There are also no maximum age criteria for retirement. There’s a five-year fixed rate of 4.74% with a £999 fee and free valuation, as well as a lifetime discount of 4.89% with a £499 fee, free valuation and no early repayment charges.
Pension interest free has a new maximum LTV of 60%. The Vernon offers a five-year fixed rate at 5.09%, with no fees and free appraisal.
The two-year discount of 4.99% with € 499 costs and free valuation offers a 25% overpayment without costs. A 5.09% lifetime discount, £499 fees, free valuation and no early repayment charges are also available.
Commenting on the launch said Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw said: “In later life, borrowers may still be on the move when it comes to income streams and how they want to use their money, so our enhanced later life portfolio will provide a flexible, convenient and more personalized approach to mortgages.
“Every case we receive is personally underwritten, ensuring that the customer’s individual circumstances are understood. We recognize that late-life lending is not for everyone. Whether customers are managing pensions, downsizing, supporting family or unlocking equity for lifestyle needs, our products are designed to adapt to their evolving goals.”