Hinckley & Rugby Building Society has boosted its later life lending offering, unveiling a new five-year fix as well as a cut in interest rates on two existing later life products, including a RIO mortgage.

The new five-year fix is priced at 3.99%, with fees of £199 on application and £800 on completion. Valuations are free, and stepped early repayment charges range from 5% in year one to 1% in year five.

The interest rate cuts are to its two-year fixed product, down from 3.19% to 3.09%, and the retirement interest only (RIO) lifetime discount mortgage, which is reduced from 3.59% to 3.19%. The maximum LTVs are 80 per cent for the fixes and 60 per cent for the RIO.

Hinckley & Rugby’s suite of later life lending products is available to its borrowers in or coming into retirement, including those aged 75 or over. The society also abolished its maximum age at term-end last year.

Hinckley & Rugby head of sales and marketing, Carolyn Thornley-Yates, said: “We are always listening to what the market is telling us and there is a desire to see longer fixes for later life. That’s why we have introduced our new five-year fix for those later life borrowers wanting extra certainty.

“In addition, cutting the interest rates on our two-year fix and our RIO product enhances our wider offer to older borrowers,” she continued. “Coupled with our manual underwriting and a 360 degree look at income, affordability and repayment vehicles, we are sure intermediaries with later life clients can confidently talk to Hinckley & Rugby about their needs.”

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