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Hanley Economic BS launches retirement-interest only mortgages

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  • 06/11/2018
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Hanley Economic BS launches retirement-interest only mortgages
Hanley Economic Building Society is the latest lender to launch a range of retirement interest-only mortgages.

 

The range features two main products aimed at supporting the needs of borrowers and intermediaries in later life lending.

First, the lender is offering a 3.49% variable discount rate at a maximum loan to value (LTV) of 50% for house purchase and remortgage.

At the same time, Hanley Economic has launched a 3.74% variable discount with a maximum LTV of 65% for house purchase and remortgage.

The minimum loan size for the range is £10,000, with a maximum of £750,000.

Borrowers must be retired and aged 55 or over.

There is a further discount off the rate of 0.50% for those with a Lasting Power of Attorney.

David Lownds (pictured), head of marketing and business development at Hanley Economic Building Society, said: “As mutual building society we realise the need to support borrowers throughout their lives.

“Our retirement interest-only mortgages aim to fit the needs of older borrowers who are looking to remain within their current home but use some of the equity to fulfil a better retirement.

“For some this will mean carrying out home improvements, for others it will be to help their children or grandchildren to get onto the property ladder.

“We are encouraging borrowers to have a Lasting Power of Attorney in place by offering a 0.50% discount off the initial pay rate.

“An LPA provides peace of mind that the finances of a borrower are managed in the event of any health issues in later years.”

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