Hanley Economic Building Society has unveiled a new no-fee retirement interest-only (RIO) mortgage, designed to make later-life lending more accessible and affordable. This innovative product comes without early repayment charges (ERCs) and lifts restrictions on overpayments, offering unprecedented freedom for borrowers.
A Helping Hand for Retirees
Understanding the unique challenges faced by borrowers in their golden years, Hanley Economic Building Society introduces this medium-term, fixed-rate mortgage solution to support both borrowers and intermediaries with their later-life lending needs. With a competitive headline rate of 5.55%, the product is tailored for those looking to either purchase a new home or remortgage their existing property.
Key Features at a Glance
- No Fees: A standout feature of this mortgage is the absence of application or arrangement fees, making it easier for retirees to manage their finances without worrying about upfront costs.
- Flexible Lending: Available for up to 65% loan-to-value (LTV), this product caters to a wide range of financial situations, whether for purchasing a dream retirement home or refinancing an existing property.
- Generous Loan Sizes: Borrowers can request loans starting from £10,000 up to a maximum of £500,000, accommodating a variety of financial needs and goals.
- Retirement Focused: Exclusively offered to individuals who are already retired and aged 55 or over, this mortgage is specifically designed to meet the financial circumstances of older generations.
- Additional Perks: To further ease the financial burden, Hanley Economic BS includes a free property valuation and ensures no hidden charges, extending its offerings to properties across England, Wales, and Scotland (with Scottish Islands considered on a referral basis).
Commitment to Personalised Service
Highlighting their dedication to personalised service, Hanley Economic BS promises an individual assessment for each application, conducted by their in-house underwriting team. This approach ensures that decisions are made based on the borrower’s unique circumstances rather than relying on impersonal credit scoring algorithms.
Accessibility for All
The RIO mortgage is accessible through Hanley Economic Building Society’s branch network as well as selected intermediary channels, ensuring that potential borrowers can easily find and apply for this product.
A Vision for a Better Retirement
David Lownds, head of products and marketing at Hanley Economic Building Society, emphasises the importance of RIO mortgages for the older generation. He notes, “RIO mortgages provide an important option for older generations who are looking to utilise significant amounts of equity for a variety of purposes.” He expresses hope that their no-fee, no-ERC fixed-rate product will serve as an ideal solution for those aiming to enhance their retirement lifestyle or assist loved ones in navigating the property ladder.