PMS Mortgage Club and Sesame Network have announced the launch of an exclusive new three-year fixed rate Retirement Interest Only (RIO) mortgage with Buckinghamshire Building Society.
The RIO product – 3.39% fixed for three years until February 2023 – will be available for borrowers aged 55 and over that have been receiving a retirement income.
The groups announced there is no upper age limit and that the product will be available up to a maximum loan to value of 60% with no maximum term.
Sesame and PMS specialist lending relationship manager, Stephanie Charman, said: “We have seen increasing interest and appetite from advisers for more solutions in the lending into retirement market, which is why we’re pleased to be partnering with Buckinghamshire Building Society to provide our PMS and Sesame members with access to this exclusive new RIO product.
“Fixed rate RIO products are still relatively rare in this emerging market, so we feel that this competitively priced product could offer an attractive solution to our members and their customers.”
As part of Sesame Bankhall Group – a leading support services business for firms that are directly regulated by the FCA – PMS operates one of the UK’s largest mortgage clubs for directly FCA regulated advisers, while Sesame is one of the largest appointed representative (AR) networks in the country.
Buckinghamshire Building Society head of lending, Tim Vigeon, added that he was ‘delighted’ to partner with PMS and Sesame again.
He said: “As one of the first lenders to offer RIO mortgages, we have over the past 12 months found this product to be a welcome addition for intermediaries who advise their clients in retirement planning.”
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