Hinckley & Rugby has launched a 5-year fix for older borrowers and has cut the interest rate on two existing later life products.
The new 5-year fix is priced at 3.99% with fees of £199 on application and £800 on completion. There are ERCs stepping down from 5% in year one to 1% in year five. Valuations are free.
The interest rate cuts are to the 2-year fix, down from 3.19% to 3.09%, and the Retirement Interest-Only (RIO) lifetime discount mortgage, which has been reduced from 3.59% to 3.19%.
The maximum LTVs are 80% for the fixes and 60% for the RIO.
Carolyn Thornley-Yates (pictured), head of sales and marketing at Hinckley & Rugby, said: “We are always listening to what the market is telling us and there is a desire to see longer fixes for later life. That’s why we have introduced our new 5-year fix for those later life borrowers wanting extra certainty.
“In addition, cutting the interest rates on our 2-year fix and our RIO product enhances our wider offer to older borrowers.
“Coupled with our manual underwriting and a 360 degree look at income, affordability and repayment vehicles, we are sure intermediaries with later life clients can confidently talk to Hinckley & Rugby about their needs.”
Hinckley & Rugby abolished its maximum age at term-end in 2018.