Mansfield BS launches retirement interest-only proposition

The Society has introduced a three-year fixed rate of 3.35% and a five-year discounted rate of 2.83%, both with a £199 application fee and a £800 completion fee.

Access to The Mansfield’s retirement interest-only mortgages is exclusively available through qualified advisers holding the CeReR or CertER qualification.

Mike Taylor, head of products and savings at the Society, said: “As a mutual building society, we believe it’s important that older borrowers have choice. Our common sense, straight forward and innovative approach is designed to give later-life borrowers options to help support their lifestyle needs in retirement – we believe the access to subsequent draw-downs will prove popular with borrowers.

"Borrowers can access the equity they have built up in their home to help close family members get onto the property ladder, or use the funds to maintain their lifestyle and fulfil their retirement plans. In addition, provided borrowers can maintain the interest only payments going forward, our retirement interest-only mortgages can also be used to help borrowers who have an existing interest only mortgage and are unable/not yet ready, to repay the capital balance due. Retirement interest-only mortgages will provide welcome relief to many who may have underestimated their financial needs in retirement.

"It’s great to be offering products with new features that meet the growing needs of brokers specialising in later-life lending and adding to the reputation building societies are earning for creating common sense solutions that meet the needs of everyday people.”