Hanley Economic Building Society’s deals are available for borrowers with or without a lasting power of attorney (LPA) or a continuing power of attorney (CPA), used in Scotland.

The deal, which does not require an LPA/CPA, has an initial pay rate of 5.2%, cut by 0.84 basis points from 6.04%. It is available up to 50% loan to value (LTV) for purchase or remortgage purposes.

The RIO mortgage, which does not require an LPA/CPA, has an initial pay rate of 5.3% after a 1.24 basis point reduction from 6.54%.

This product pairing has no early repayment charges (ERCs) and no overpayment restrictions and comes with a free valuation alongside no application or arrangement fees. There is also £250 cashback. The minimum and maximum loan size ranges from £10,000 to £750,000.

David Lownds (pictured), head of products and marketing at Hanley Economic Building Society, said: “Over the years, market dynamics and borrowing demographics have evolved significantly, underscoring the growing importance of the later life lending sector.

Sponsored

Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let

Sponsored by Aldermore

“Within this, RIO mortgages provide a crucial option for older generations looking to access substantial equity for various purposes and are quickly becoming a prominent topic across the intermediary market.”