Air Mortgage Club has announced the addition of Nottingham Building Society (The Nottingham) to its retirement lending panel.
Members of Air Mortgage Club, the distributor for equity release and later life advisers, will now be able to access The Nottingham’s retirement lending proposition, including its RIO products.
These products will be available for borrowers over 55 years of age who have a reliable income, allowing them to make interest payments on the loan now and in the future.
Air Group commercial director, Gary Little, commented: “The breadth and depth of the later life lending market is growing with each month and it’s important that we provide members of the Air Mortgage Club with access to the wide range of lenders that are now active in this sector.
“The addition of The Nottingham to our panel allows our members to engage with a lender that has developed a quality proposition and one that also has a strong RIO offering for older borrowers.
“Increasingly, we’re seeing members of the mutual sector stepping into new sectors and recognise the demand and need for retirement lending products which cater for older clients’ needs.
“We’re very pleased to have The Nottingham on board and believe our members will benefit greatly from the products and support they can provide them with.”
The Nottingham currently offers five RIO products which allow clients to borrow up to 40% of the value of their home as a cash lump sum. These include four fixed rate deals – a two-year deal fixed at 3.40%, a three-year deal at 3.34%, a five-year deal at 3.55%, a seven-year deal at 3.85%, and also a two-year discount at 2.99%.
The society has a range of support services available to advisers via its website, including affordability calculators, an online trading service, a document library and an application manager.
Head of intermediary sales at The Nottingham, Nikki Warren-Dean, said: “We are delighted to be working with Air Mortgage Club in this specialised area of lending.
“We look forward to opening up this opportunity to work with them to help brokers understand our RIO offering and how it can benefit some of their clients.”
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