This includes a two-year fixed rate at 90% loan to value (LTV) priced at 5.05%, and a two-year fixed rate at 95% LTV at 5.18%. Both come with £500 cashback.
West Brom Building Society has also cut shared ownership rates, with its two-year fixed rate at 95% LTV priced at 5.09%. It comes with £500 cashback.
John Phillips, product manager at West Brom Building Society, said: “Shared ownership is a key part of what we do – helping customers to buy their home. We want to deepen our commitment in shared ownership, and by introducing shared ownership remortgage products, we can help customers throughout their homeownership journey.”
Hanley Economic BS ups max RIO LTV and adds RIO deals
Hanley Economic Building Society has increased the maximum LTV for retirement interest-only (RIO) deals to 70% and launched two fixed rate products and two variable discount products.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
Sponsored by Aldermore
The range includes a two-year fixed RIO rate at 5.34% and a five-year fixed RIO rate at 5.35%.
The two-year variable discount RIO mortgage is 4.99%, while the five-year variable discount RIO deal is 5.29%.
All products are available up to 70% LTV, offered on an interest-only basis and include one free standard valuation.
They are available for purchase and remortgage, with loan sizes ranging from £30,000 up to £1m.
The range is open to borrowers who are already retired and aged 55 or over. It is suitable for properties across England, Wales and Scotland.
David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Extending our maximum LTV to 70% gives older borrowers more choice at a time when flexibility in retirement is becoming increasingly important.
“This update strengthens the support available for those looking to manage their housing and financial needs later in life, while keeping a sensible, responsible approach to affordability and long-term stability.
“Our aim is to ensure our intermediary partners and their clients have access to RIO options that are clear, practical and fit for purpose, and this enhanced range reflects that ethos.”
