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Leeds BS launches decade-long retirement interest-only mortgages

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  • 30/01/2019
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Leeds BS launches decade-long retirement interest-only mortgages
Leeds Building Society has launched 10-year retirement interest-only mortgages, as part of changes to increase choice for older borrowers.

 

The lender is offering a rate of 3.99 per cent at up to 55% loan to value (LTV) or 4.09 per cent with £500 cashback.

Both rates include a free standard valuation and a £999 product fee.

The society is also accepting income drawdown plans and self-invested personal pensions (SIPPs) when assessing income for applications.

Matt Bartle, Leeds Building Society’s director of products (pictured), said: “We regularly keep our mortgage criteria under review to meet the needs of those often under served by the market.

“The consideration of appropriate drawdown plans and SIPPs during the affordability assessment is another example of providing increased flexibility for those looking at retirement interest-only mortgages as an option.

“Choosing a mortgage is always a highly personal decision and everyone’s individual circumstances and priorities are different, so it’s important consumers take appropriate advice via brokers.”

A retirement interest-only mortgage is repaid when a specified life event occurs, usually moving into residential care, or the death of the borrower.

 

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