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Leeds Building Society introduces 10-year RIO mortgages

Theo Osborn | 15:13 Wednesday 30th January 2019

Leeds Building Society has launched two new 10-year retirement interest-only (RIO) mortgages.

The products — a 3.99% fixed rate mortgage up to 55% LTV and a 4.09% fixed rate up to 55% LTV with a £500 cashback — include a free standard valuation and a £999 product fee.

Matt Bartle, director of products at Leeds Building Society, said: “We regularly keep our mortgage criteria under review to meet the needs of those often underserved by the market.

“The consideration of appropriate drawdown plans and SIPPs during the affordability assessment is another example of providing increased flexibility for those looking at retirement interest-only mortgages as an option.

“Choosing a mortgage is always a highly personal decision and everyone’s individual circumstances and priorities are different, so it’s important consumers take appropriate advice via brokers.”

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