Hanley Economic launches retirement interest-only range

The range includes a 3.49% variable discount at a maximum LTV of 50% and a 3.74% variable discount up to 65% LTV, both available for purchase and remortgage.

The minimum loan size for the range is £10,000, with a maximum loan size of £750,000 and no maximum age limits.

If borrowers have a lasting power of attorney in place Hanley Economic Building Society will further discount the headline rate by 0.50%, and the discount can be applied at a later date if borrowers obtain an LPA.

David Lownds, head of marketing and business development at Hanley Economic Building Society, commented: “As mutual building society we realise the need to support borrowers throughout their lives. Our retirement interest-only mortgages aim to fit the needs of older borrowers who are looking to remain within their current home but use some of the equity to fulfil a better retirement. For some this will mean carrying out home improvements, for others it will be to help their children or grandchildren to get onto the property ladder.

“We are encouraging borrowers to have a lasting power of attorney in place by offering a 0.50% discount off the initial pay rate. An LPA provides peace of mind that the finances of a borrower are managed in the event of any health issues in later years.”