Saffron expands retirement interest-only distribution

Previously, the products were available exclusively through Legal & General Mortgage Club.

Three-year discounted rates are available at 3.64% up to 50% LTV or 3.34% if the applicant has a Power of Attorney in place.

Anita Arch, head of mortgage sales at Saffron Building Society, said: “Many consumers don’t think it’s possible to obtain a mortgage in retirement let alone get one that can help fund a lifestyle. People are living longer and are expecting to maintain a certain standard of living during this time.

"At Saffron, we don’t believe customers should be limited by ‘everyday’ products - we like to be flexible and are increasingly offering more options in the ‘specialist’ space to meet customer needs more appropriately. Our RIO product utilises the capital linked to homeownership and is becoming a popular way to finance living in later life. We look forward to reaching out to additional brokers with this latest mortgage so they have a further option to offer to those in retirement.”