Equity release and later life adviser Air Mortgage Club has added Mansfield Building Society to its retirement lending panel.
Air Mortgage Club members will now be able to access Mansfield’s range of mortgage products for later life customers, including its Retirement Interest Only (RIO) products.
The building society offers two RIO products – a five-year discounted rate, currently at 2.99% variable pay rate with no early repayment charge, and a three-year fixed rate currently at 3.35% pay rate with a 3% early repayment charge. Both products come with a £199 application fee and a £800 completion fee.
Both RIO mortgage products are available to borrowers over 55 years of age with a maximum LTV of 40% for those younger than 65. With its RIO mortgages, Mansfield Building Society allows borrowers over 65 to access the equity in their homes up to a maximum of 55% LTV.
In addition to its RIO mortgages, the lender also offers a number of residential mortgages – including fixed and discounted rates – for borrowers up to age 85.
Commenting on the announcement, AIR Group commercial director Gary Little said: “Our aim at the Air Mortgage Club is to offer member firms as wide a range of lender and product options for their later life clients as possible. We are therefore very pleased to bring the Mansfield Building Society onto our lender panel because not only does it offer a number of residential products to older borrowers but it has two RIO products which come with its unique drawdown facility, allowing clients to take equity later should they need to.
“With more and more clients requiring a range of lending options up to, and into, retirement, the addition of Mansfield is a real boost to our offering and we are looking forward to developing the relationship between our members and this progressive lender.”
Mansfield Building Society national development manager Paul Lewis added: “We’re absolutely delighted to become a panel lender for Air Mortgage Club. As the largest club operating in the later life lending sector, I’m sure we can offer real value to their brokers. It’s really important that borrowers looking for options in retirement are able to access a range of versatile and straightforward lending options, and that’s just what we’ll be helping to provide.”
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