Legal & General Home Finance has announced that it will offer an exclusive Retirement Interest Only (RIO) mortgage through Legal & General Mortgage Club.

Legal & General Home Finance’s current RIO option is available to the market at 3.55% up to a maximum of 60% LTV, and a product fee of £599.

However, Legal & General Mortgage Club members will now be able to access the exclusive RIO with a rate of just 3.39% and no product fee. The club suggested this makes the mortgage a “highly attractive” option for borrowers looking to lock into a competitive price for the long-term.

Legal & General Mortgage Club head of lender relationships, Danny Belton, commented: “We’re delighted to extend the range of later life lending options to Mortgage Club members with this exclusive product from Legal & General Home Finance.

“Britain’s borrowers are increasingly entering retirement with mortgage debt and a growing number of these consumers are seeking options such as lifetime mortgages and RIO solutions.”

Legal & General Home Finance CEO, Claire Singleton, added: “Property wealth is increasingly being viewed as a key component of a modern retirement.

“I believe it is vital we work closely with advisers and our wider industry, including looking for ways to remove barriers and make transactions as easy as possible.

“I hope that by offering competitive rates and features, like our RIO offer, to Mortgage Club members we help them support their customers on their retirement journey.”

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