Hanley Economic Building Society has moved into the retirement interest-only (RIO) mortgage space to support borrowers and intermediaries in their later life lending requirements. The society is offering two products for house purchase and remortgage purposes. The first being a 3.49% variable discount at a maximum LTV of 50% and the second is a 3.74% variable discount with a maximum LTV of 65%.
If borrowers have a Lasting Power of Attorney (LPA) in place Hanley Economic Building Society will further discount the headline rate by 0.50%, and it will apply this discount at a later date should borrowers wish to obtain an LPA further down the line.
The minimum loan size is £10,000 and the maximum is £750,000. There is a minimum age of 55 years with no maximum age and the borrower(s) must be retired. For joint mortgages each borrower will need to afford the mortgage in their own right.
“For some this will mean carrying out home improvements, for others it will be to help their children or grandchildren to get onto the property ladder.
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