The society’s latest addition to its retirement interest-only (RIO) mortgage products includes fixed rates options, reduced rates on existing RIO mortgages and lower fees across the range.
The aim is to enable retired customers to stay in their homes for longer, or to unlock the value of their properties and free up cash.
Two of the products require a power of attorney, these are the 3.14 per cent three-year discount RIO mortgage POA and the 3.37 per cent fixed until 31 January 2023 RIO mortgage POA.
The products introduced include the 3.44 per cent three-year discount RIO mortgage and the 3.67 per cent fixed until 31 January 2023 RIO mortgage.
All products have a 50 per cent loan-to-value (LTV).
Anita Arch, head of mortgage sales at Saffron Building Society (pictured), 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.”
Leeds BS cuts rates on five-year BTLs
Leeds Building Society has cut rates on selected five-year buy to let (BTL) mortgages by up to 0.45 per cent.
There is a 2.49 per cent rate on a five-year BTL mortgage up to 60 per cent loan to value (LTV), which offers a £1,000 cashback.
The mutual is also offering a 2.25 per cent rate on a five-year BTL mortgage up to 60 per cent LTV, after a 0.36 per cent reduction.
Both of these are no-fee products and come with a free standard valuation and fees-assisted legal services.
Other five-year deals, up to 70 per cent LTV, include a 2.31 per cent rate on a BTL mortgage, after a 0.07 per cent reduction, with a £999 fee.
Further, there is a 2.54 per cent rate on a five-year BTL mortgage with no product fee.
Matt Bartle, Leeds Building Society’s director of products, said: “We continually keep our mortgage products under review and these rate reductions follow the recent diversification of our BTL range.
“In addition to the reduced rates, we offer different fee and incentive combinations across the range, including cashback, as part of our efforts to improve our proposition for landlords, no matter what their individual circumstances.”