Vernon Building Society has launched a wider range of later life mortgages for borrowers aged 55 and over in England and Wales, covering those who are retired or retiring during their mortgage term.
The products, Into Retirement, In Retirement and Retirement Interest-Only (RIO), allow for different income sources, including assets and pensions on a draw down basis, even if not currently used.
Into Retirement has no maximum age, and includes a 5-year fixed rate at 4.74% with a £999 fee and free valuation, and a 2-year discount at 4.65% with a £499 fee, letting borrowers overpay by up to 25% without charge.
In Retirement, also with no maximum age, features a 5-year fixed at 4.74% with a £999 fee, free valuation, and a lifetime discount at 4.89% with a £499 fee, free valuation and no early repayment charges (ERCs).
Retirement Interest-Only (RIO) has a new maximum loan-to-value (LTV) of 60%.
Options include a 5-year fixed at 5.09% with no fee and free valuation, a 2-year discount at 4.99% with a £499 fee, free valuation and 25% overpayment allowed, and a lifetime discount at 5.09% with a £499 fee, free valuation and no ERC.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “In later life, borrowers can still be in a state of flux when it comes to income streams and how they’d like to use their money, so our enhanced Later Life portfolio will offer a flexible, easy and more personalised approach to mortgages.
“Every case we receive is personally underwritten, ensuring clients’ individual circumstances are understood.
“We recognise that later life lending isn’t one-size-fits-all. Whether clients are managing pensions, downsizing, supporting family, or unlocking equity for lifestyle needs, our products are designed to adapt to their evolving goals.”
