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Hanley Economic BS launches RIO mortgage range in Scotland

Theo Osborn | 13:00 Tuesday 9th July 2019

Hanley Economic Building Society has launched its range of retirement interest only (RIO) mortgages in Scotland following feedback from its Scottish intermediary partners.

The range is based around two products, including a 3.49% variable discount with a maximum 50% LTV for house purchase and remortgage purposes.

The second product is a 3.74% variable discount with a maximum 65% LTV.

The range is available from £10,000–750,000, while borrowers must be retired and at least 55 years old with no maximum age.

The building society will further discount the headline rate by 0.5% if the borrowers have a lasting power of attorney (LPA) in place.

It will apply this discount further down the line if borrowers wish to obtain an LPA at a later date.

David Lownds, head of marketing and business development at Hanley Economic Building Society (pictured above), said: “The Scottish mortgage market is an increasingly important area of lending for the society. 

“We are constantly building strong relationships with intermediary partners who will benefit from the recent extensions in our range of lending options to meet growing demand from an array of borrowers north of the border.

“Later life lending is an area which is capturing the attention of the intermediary community and borrowers, although education and innovation is key in ensuring that this product type best fits the immediate and future needs of those borrowers in their twilight years. 

“And this is an area we will continue to focus on across our overall RIO proposition in the coming months.”

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