Tipton & Coseley launches retirement interest-only mortgage range

Available for both purchase and remortgage, the range includes three and five-year fixed rates available from 3.38% and 3.58% respectively, as well as discounted variable options from 3.09%, all up to 60% LTV.

Product fees apply and up to 10% overpayments are allowed each year without charge. For remortgages, both the standard legal fees and standard valuation on properties up to £400k are free of charge.

The Tipton has also removed the upper age limit for standard lending.

Cammy Amaira, director of sales and marketing at the Tipton, said: “For many years now, older borrowers have seen their mortgage options dwindle so it’s encouraging to see the FCA acknowledge this.

“Later life borrowing is a growing market and we’re committed to supporting those who are approaching retirement or are already retired.

“In many cases, these types of borrowers have an established track record of maintaining payments and with retirement income guaranteed, could be perceived as lower risk lending.

“The launch of our RIO mortgage range coupled with removing the upper age limit for standard lending is the first step in developing a lifecycle of mortgage products aimed at building a long-term relationship with our members.”