Complete FS, the South Coast packager, has added Tipton & Coseley Building Society’s RIO product to its lending options for older clients.
Tipton’s product starts from 3.34% to 60% loan-to-value and £1m, with no term restrictions and up to 25% equity can be released. Free legals and valuation, up to £400,000, are available on remortgages.
Damian Cain, director of Complete FS, said: “We are tracking a growing shift in demand from older homeowners and their advisers for alternative funding choices.
“Much of the publicity over the past few years has involved specialist equity release providers and products. It is good to see traditional lenders like Tipton & Coseley, looking to produce innovative products which provide another option and where the term of the mortgage is no longer a sticking point.”
He added: “This sector is going to grow and RIO mortgages are particularly useful in providing solutions for retired people who are currently ‘mortgage prisoners’ and have suffered because they cannot find a way out because traditionally no lender has wanted to take them on.
“However, there is a wide range of potential customers who would suit a RIO mortgage and it is a welcome addition to the growing list of lending options for later life customers.”
Cammy Amaira, director of sales & marketing at Tipton & Coseley BS, said: “I have had a long and successful relationship with Complete FS and its directors and they are one of the elite packagers with whom we wanted to work to present our RIO offering to the intermediary sector.
“I look forward to working closely with their team going forward.”