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Leeds Building Society introduces retirement interest-only mortgages

Theo Osborn | 14:28 Tuesday 31st July 2018

Leeds Building Society has launched new retirement interest-only mortgages to support older borrowers.

The building society has launched fixed rate deals for two, three and five years for borrowers between the ages of 55 and 80.

The mortgage products will only be available through brokers initially, while it plans to launch them through its direct mortgage team later this year.

The launch of the products follows the FCA’s decision to introduce the first definition of what constitute a retirement interest-only mortgage and implemented specific regulations for this market.

Richard Fearon, chief commercial officer at Leeds Building Society, said: “As the UK’s population ages and lifestyles and expectations change, we welcome the regulator’s acknowledgement that the needs of borrowers and homeowners will continue to evolve.

“Similarly, lenders must remain responsive to these changes and in how they can support consumers.

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

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