The Nottingham launches more RIO products

Nottingham Building Society has launched more products to its retirement interest-only (RIO) mortgage range.

New products include a 5-year fixed at 3.55% and 2-year fixed at 3.20%, both with a £995 fee.

The fee from the existing 2-year discount product at 2.99% has been removed.

Nikki Warren-Dean (pictured), head of intermediary sales for The Nottingham for Intermediaries, said: “We have extended our range of RIO mortgages to give further choice for people in, or heading towards, retirement.

“The introduction of our latest RIO products further highlights our desire to be there for our customer’s mortgage needs whether it’s their first or last house.”

Nottingham’s other RIO products, announced earlier this year, include a 7-year fixed product at 3.85% and 3-year fixed rate at 3.34% , both with a £995 fee. All come with a free valuation and 40% loan-to-value  limit.

RIO mortgages, which are available for both purchases and remortgaging, allow those in later life the option to release funds and increase their financial planning options.

These products are interest-only, without a term, and have a minimum application age of 55.

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