Specialist lender, Hodge, has launched the UK’s first ever RIO mortgage with a fixed rate for life.
The Fixed-for-Life RIO is available from 50 years old and it means customers could benefit from a fixed rate for 50 years or even more, safeguarding their retirement from interest rate rises for life.
Hodge said the product is available from 4.35% with a £995 arrangement fee. A fee-free option is also available. Both versions of the Fixed-for-Life RIO offer a free valuation up to £1m, with a maximum property value of £3m.
Overpayments of up to 10% will be allowed and downsizing protection comes as standard, so if the customer repays the loan as a result of selling their home to move to a different property, no early repayment charges will apply.
Customers must be aged between 50 and 88 to be eligible for the Fixed-for-Life RIO and can borrow for a variety of reasons such as gifting to family members, home improvements, debt consolidation or even holidays.
“The Fixed-for-Life RIO has been created as part of our core mission to provide certainty in uncertain times for those planning their future,” Hodge managing director of mortgages Matt Burton said.
“From today, customers can lock into the best long-term fixed rate on the market and enjoy that rate for life.”
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