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The Nottingham for Intermediaries has added a 10-year fixed retirement interest only (RIO) mortgage to its portfolio. The RIO mortgage offers a fixed rate of 3.95% for 10 years (maximum 40% loan-to-value) and comes with a £995 product fee.
The 10-year mortgage replaces the building society’s previous seven-year fixed deal.
RIO mortgages are designed to help retirees who may be struggling to pay off an existing mortgage. Working in a similar way to normal interest only mortgages, these are an alternative to equity release or having to downsize as a way of clearing existing mortgage debt.
As the name suggests, they are interest only mortgages – meaning that the borrower need only worry about the repayment of the interest element of the mortgage. The debt element is repaid via the sale of the home when the borrower dies or moves into permanent care.
More information can be found on our retirement interest only mortgages page.
Nikki Warren-Dean, head of intermediary sales at The Nottingham for Intermediaries, said: “We added retirement interest only 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.”
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