Hanley Economic Building Society has lifted its maximum loan-to-value (LTV) on retirement interest-only (RIO) mortgages to 70%.
The RIO range now includes a 5.34% 2-year fixed rate, a 5.35% 5-year fixed rate, a 4.99% 2-year variable discount and a 5.29% 5-year variable discount.
The discount rates are set against the society’s standard variable rate (SVR), which is currently 7.84%.
All products are available up to 70% LTV, on an interest-only basis.
Loan amounts start from £30,000 and go up to £1,000,000, with one free standard valuation included.
The RIO mortgages can be used for purchase or remortgage, and are open to borrowers aged 55 or over who are already retired.
David Lownds, head of products and marketing at Hanley Economic Building Society, 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 for those looking to manage their housing and financial needs later in life, while keeping a sensible, responsible approach to affordability and long-term stability.
“Our aim is to ensure our intermediary partners and their clients have access to RIO options that are clear, practical and fit for purpose, and this enhanced range reflects that ethos.”
