The Nottingham has revealed it is introducing a new Retirement Interest Only (RIO) 10-year mortgage fixed at 3.95%.
The building society’s latest offering, which replaces the previous seven-year fixed product, comes with a free valuation and £995 fee.
The new 10-year product has been added to a range of RIO mortgages that includes shorter fixed term products with no fees – creating more financial planning options for borrowers in later life, depending on their circumstances.
The Nottingham head of intermediary sales, Nikki Warren-Dean, commented: “We added RIO mortgages to our offering just six months ago and have already twice refreshed the range to ensure we are giving as much choice as possible for people in, or heading towards, retirement.
“The Nottingham is dedicated to helping people achieve their first property or move up the ladder, but also to supporting those who may be living in their last home too.
“Taking that into account, and broker feedback, is why we decided to introduce a ten-year fixed rate RIO product to our mortgage range – to ensure we are well positioned to help people make the right decisions to suit their circumstances.”
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