"This update strengthens the support available for those looking to manage their housing and financial needs later in life, while keeping a sensible, responsible approach to affordability and long-term stability"
- David Lownds - Hanley Economic Building Society
Hanley Economic Building Society has expanded its later life lending range by increasing the maximum loan-to-value (LTV) on its Retirement Interest-Only (RIO) mortgages to 70%, alongside the launch of two fixed-rate products and two variable discount products.
The enhanced range now includes:
5.34% two-year fixed rate RIO mortgage
5.35% five-year fixed rate RIO mortgage
4.99% two-year variable discount RIO mortgage – a 2.85% discount off the Society’s Standard Variable Rate (SVR), currently 7.84%
5.29% five-year variable discount RIO mortgage – a 2.55% discount off the Society’s SVR, currently 7.84%
All products are available on an interest-only basis, up to 70% LTV, and include one free standard valuation. They are suitable for both purchase and remortgage purposes, with loan sizes from £30,000 to £1,000,000. The range is open to borrowers aged 55 and over, including those already retired, and applies to properties across England, Wales, and Scotland (Scottish Islands by referral).
Each application is individually assessed by the in-house underwriting team, with no credit scoring. The products are available through Hanley Economic Building Society branches and selected intermediary channels.
“Extending our maximum LTV to 70% gives older borrowers more choice at a time when flexibility in retirement is becoming increasingly important,” said David Lownds, head of products and marketing at Hanley Economic Building Society. “This update strengthens the support available for those looking to manage their housing and financial needs later in life, while keeping a sensible, responsible approach to affordability and long-term stability. Our aim is to ensure our intermediary partners and their clients have access to RIO options that are clear, practical and fit for purpose, and this enhanced range reflects that ethos.”
