Nottingham BS announce first retirement interest-only range

Nottingham Building Society has announced that it has launched a brand new range of retirement interest-only mortgages, a first for the lender.

Related topics:  Finance
Warren Lewis
19th February 2019
OAP

According to the society, the range will comprise of 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, had this to say: “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."

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