Saffron Building Society has made its retirement interest only (RIO) mortgage available across its entire network of broker partners.
The product — for purchase or remortgage — gives retired customers the opportunity to either stay in their homes for longer or unlock the value of their properties.
The three-year discounted rates include 3.34% up to 50% LTV — which requires a power of attorney (POA) to be in place for the applicant — as well as a rate of 3.64% up to 50% LTV.
The mortgage has an arrangement fee of £999 and an early repayment fee of 3% for three years.
The product has a minimum loan of £30,000, a maximum of £1m, a minimum term of five years and no maximum term.
“At Saffron, we don’t believe customers should be limited by ‘everyday’ products — we like to be flexible and are increasingly offering more options in the ‘specialist’ space to meet customer needs more appropriately,” said Anita Arch, head of mortgage sales at Saffron (pictured above).
“Our RIO product utilises the capital linked to home ownership and is becoming a popular way to finance living in later life.”
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