Hinckley & Rugby launches RIO exclusive through L&G

L&G Mortgage Club members can now access the lifetime discount product which is currently available at 3.59% up to 60% LTV with no early repayment charges or maximum age limit.

There is an application fee of £199 and the £800 completion fee which can be added to the loan.

The mortgage is also available with an offset savings facility.

Hinckley & Rugby's head of sales and marketing, Carolyn Thornley-Yates, said: “Working with Legal & General Mortgage Club, we’ve designed this RIO mortgage to work for people already in retirement or working into it. As it is a lifetime discount they can plan for the long term and, thanks to no ERCs, also be able to adapt should their circumstances change.

“We’ll take a broad look at all the income the applicants have and any unusual cases will get a fair hearing at the daily meetings of our Mortgage Referral Committee of senior decision makers and underwriters. We look forward to helping Legal & General Mortgage Club members with their applications.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “We’re delighted to be working with and supporting Hinckley & Rugby Building Society on this exclusive offering for our members.

“The retirement interest-only mortgage is a key growth area for the market and is providing increasing opportunities for brokers and customers alike. With more products available, brokers have more choice to help them meet the needs of their older clients, ensuring they find a product that best suits their retirement plans.”