Newbury BS launches retirement interest-only mortgage

The product is available at a five-year discounted rate of 3.45% up to 50% LTV, with a free standard valuation and free legals for remortgages.

Existing borrowers of Newbury Building Society can also transfer onto the product to borrow additional funds.

Applicants must be at least 60 years old and there is no maximum age.

The launch follows the recent increase to the Society’s upper age limit for mortgage lending, which now stands at 90 years.

Roger Knight, lending manager at Newbury Building Society, said: “As a mutual, we listened to our members who expressed a need for a retirement interest-only mortgage. People are living for longer and therefore, as a lender, it is our responsibility to ensure we are offering the right products at the right time.

"We hope our retirement interest-only five-year discount variable mortgage product ticks all the correct boxes and enables borrowers to fulfil their retirement ambition.”