Legal & General has added a retirement interest-only (RIO) mortgage to its range of later life lending products.
It is available to those with a minimum property value of £100,000 and homeowners can borrow up to 60 per cent of the value of their home.
The affordability assessment will be based on the borrower’s income and outgoings, both now and at the point they are no longer working, if they are not already retired.
The eligibility assessment will be based on the lowest income of any joint application to ensure the remaining borrower can afford repayments.
Claire Singleton (pictured), CEO of Legal & General Home Finance, said: “There is no longer such a thing as a ‘one size fits all’ retirement, and recent months have shown that plans need to be resilient, but flexible.
“As such, it’s important that the industry adapts in order to provide a truly diverse range of later life lending options that allow people to make the most of their retirement.”
She added: “At Legal & General, we want to give people a variety of options to access money from their homes, without having to move.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
