Hanley Economic Building Society has introduced a new 2-year fixed-rate option to its retirement interest-only (RIO) mortgage offerings.
The RIO mortgage has a headline rate of 5.29% and is available up to 65% loan-to-value (LTV).
It features a free valuation, no application fee, a £250 arrangement fee deducted upon completion, no overpayment restrictions, and supports retirees aged 55 or over wanting later-life lending solutions.
Loan amounts range from a minimum of £30,000 up to £2m at 50% LTV, and £1.5m at 65% LTV for both purchase and remortgage needs.
In addition, the society has lowered the rate on its fee-free 95% LTV 2-year fixed-rate product by 0.12%, bringing it to 5.45% from 5.57%.
This offering features a free valuation, no application or arrangement fees, and provides £250 cashback upon mortgage completion.
The loans range from £30,000 to a maximum of £500,000 and are available for both purchasing and remortgaging.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “We are committed to supporting borrowers at all stages of their homeownership journey, whether they are purchasing their first property, moving up the ladder, or looking for later life lending solutions.
“The introduction of our two-year fixed rate RIO mortgage provides greater certainty for retirees looking to manage their finances effectively, while the rate reduction on our fee-free 95% LTV product ensures we continue to offer competitive short and medium term options for those borrowers with smaller deposits.”
Lownds added: “These enhancements reaffirm our dedication to delivering flexible, accessible mortgage solutions that meet the ever-evolving needs of our customers.”
