The Nottingham launches retirement interest-only offering

The range includes a two-year discount product at 2.99%, a three-year fixed rate at 3.34% and a seven-year fix at 3.85%, all available up to 40% LTV with a free valuation and £995 fee.

Nikki Warren-Dean, head of intermediary sales at The Nottingham for Intermediaries, said: “The addition of RIO mortgages to our portfolio adds choice for people in, or heading towards, retirement.

“Our research shows many people want to use their money to enjoy their retirement rather than having large amounts of capital tied up in their property. RIO mortgages can help, so we wanted them to be available to customers.

“It comes hot on the heels of our announcement last month to raise the maximum lending amount for 95% LTV mortgages from £275,000 to £500,000 - further highlighting our desire to be there for our customer’s mortgage needs whether it’s their first or last house.

“As with all The Nottingham for Intermediaries products, RIO mortgages are provided exclusively via our broker network so we have every confidence they will be supplied with expert advice and support to ensure it’s the right fit for the customer."