The five-year discount deal at 3.45 per cent and 50% loan to value (LTV) is available to applicants over 60.

There is no maximum age but borrowers must be retired and receiving their pension.

Newbury will offer a free standard valuation for properties up to £1m, as well as free legals for remortgages and accept over payments.

It comes after the society increased its age limit for mortgage lending to 90.

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Existing borrowers of Newbury Building Society can also transfer onto the product to borrow additional funds.

Roger Knight, lending manager at Newbury Building Society, said: “As a mutual, we listened to our members who expressed a need for a RIO mortgage.

“People are living for longer and therefore, as a lender, it is our responsibility to ensure we are offering the right products at the right time.

“We hope our RIO five-year discount variable mortgage product ticks all the correct boxes and enables borrowers to fulfill their retirement ambition.”