Equity Release
The Nottingham expands Retirement Interest-Only range
Guest Author:
Antonia Di LorenzoThe deals offer an alternative to equity release for older borrowers who can afford to make monthly interest-only repayments
The Nottingham has extended its Retirement Interest Only (RIO) mortgage range by launching two products.
It has introduced two- and five-year fixed products at 3.20% and 3.55% respectively, both with a £995 fee.
It has also removed the fee from the existing two-year discount product, at 2.99%.
The move comes as the society continues to grow and reward its members with products built around them.
Nikki Warren-Dean, 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.
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She added: “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.”
Its other RIO products, announced earlier this year, are a seven-year fixed at 3.85% and three-year fixed at 3.34%, both with a £995 fee. All come with a free valuation and 40% loan to value (LTV) limit.