Hanley Economic Building Society has expanded its later life lending range with the introduction of two Retirement Interest-Only (RIO) mortgage products, offering borrowers aged 55 and over greater choice and financial stability.
The new range includes a 2-year fixed rate RIO mortgage at 5.99% and a 5-year fixed rate RIO mortgage at 5.79%, both available up to 65% loan-to-value (LTV).
Both products are interest-only and designed to support older homeowners seeking to manage their finances in retirement.
To keep upfront costs low, neither product carries an application or arrangement fee, and both come with a free valuation.
They can be used for purchase or remortgage, with loans available from £30,000 up to £2,000,000 at 50% LTV and up to £1,500,000 at 65% LTV.
Applicants must be retired and aged 55 or over, with properties located in England, Wales or mainland Scotland, and the Scottish Islands considered by referral.
Each application will be individually assessed by Hanley’s in-house underwriting team, with no credit scoring involved. The products are available through the society’s branch network and selected intermediary partners.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “We continue to see growing demand for accessible, flexible later life lending options.
“These new RIO fixed rate products offer peace of mind and budgeting certainty, particularly for borrowers looking to manage their retirement finances carefully.
“By removing upfront costs and providing individual underwriting support, we aim to ensure that more older homeowners have the tools they need to stay in control of their property decisions.”
