Saffron Building Society has expanded its Retirement Interest Only (RIO) product range to include a number of new fixed rates options.
It has also reduced rates on existing RIO mortgages and lowered fees across the RIO range.
The changes see the society offer a 3.14% 3-year discount Retirement Interest Only mortgage, a 3.44% 3-year discount Retirement Interest Only mortgage and 3.37% and 3.67% fixes which last until 31.01.2023.
The 3.14% (SVR-2.5%) to 50% LTV and the 3.37% fixed require a Power of Attorney (POA) to be in place for applicant.
Anita Arch (pictured), head of mortgage sales at Saffron Building Society, said: “We continually review the market to see where new opportunities are emerging for our broker partners.
“The retirement sector is definitely one area to keep an eye on in terms of new selling opportunities – as such we have redefined our RIO mortgage range to accommodate the increasing demand in this specialist area.
“Many consumers don’t think it’s possible to obtain a mortgage in retirement let alone get one that can help fund a lifestyle.
“People are living longer and are expecting to maintain a certain standard of living during this time. One of the key benefits associated with our RIO products is the opportunity for customers to utilise the capital linked to homeownership providing a popular way for them to finance living in later life.”