Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage.
The product is available to borrowers aged between 55 and 80 at a rate of 3.62% available up to 55% LTV with a £999 fee.
It complements its two- and three-year products.
The society first launched its retirement interest-only mortgages in July 2018.
“The needs of homeowners evolve and change and we expected to see continued interest in this new proposition,” said Jaedon Green, director of product and distribution at Leeds Building Society (pictured above).
“A positive response to our launch from consumers has confirmed our own research that suggested an unmet demand, which we are able to meet through our partner brokers.
“The increasing number of brokers accredited to advise on retirement interest only improves accessibility for consumers and so we have reduced our five-year fixed rate retirement interest-only product, making it one of the leading rates in the market currently.”
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