Hinckley & Rugby expands later life range

The new five year fix is priced at 3.99% with a £199 fee, £800 completion fee and free valution. Stepped ERCs step down from 5% in year one to 1% in year five.

Additionally, a two year fix has been reduced from 3.19% to 3.09% and a retirement interest-only (RIO) lifetime discount mortgage has fallen from 3.59% to 3.19%. The maximum LTVs are 80% for fixed rates and 60% on the lender's RIO product.

Hinckley & Rugby abolished its maximum age at term-end in 2018.

Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, 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.

“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.”