Mansfield BS raises retirement interest-only LTV to 55%

The Society’s five-year discounted rate and three-year fixed rate mortgages allow additional drawdowns after the initial loan has been advanced.

Both products are also available to borrowers between 55 and 65 years of age with a maximum LTV of 40%.

Paul Lewis, national development manager at The Mansfield, said: “We launched our RIO range last year with a maximum of 40% LTV for all and, following conversations with our broking partners and borrowers, have now decided to raise this to 55% for borrowers over 65.

“By allowing borrowers to take additional drawdowns when needed, we believe our products provide added flexibility, enabling borrowers to remain in control of their finances over the longer term.

“This area of later life lending is clearly growing and we will continue to work actively in this space, developing mortgage solutions that meet real life circumstances and borrowers’ evolving needs in later-life.”