Complete FS has added the Tipton & Coseley Building Society’s RIO product to its lending options for older clients.
It is seeing a rise in demand from introducers for later life lending facilities.
Tipton’s product starts from 3.34% up to 60% LTV and £1 million, with no term restrictions and up to 25% equity can be released.
Free legals and valuation (up to £400,000) are available on remortgages.
Damian Cain, director of the South Coast based specialist lending packager, said: “We are tracking a growing shift in demand from older homeowners and their advisers for alternative funding choices. Much of the publicity over the past few years has involved specialist equity release providers and products.
“It is good to see traditional lenders like Tipton & Coseley, looking to produce innovative products which provide another option and where the term of the mortgage is no longer a sticking point.
“This sector is going to grow and RIO mortgages are particularly useful in providing solutions for retired people who are currently ‘mortgage prisoners’ and have suffered because they cannot find a way out because traditionally no lender has wanted to take them on.
“However, there is a wide range of potential customers who would suit a RIO mortgage and it is a welcome addition to the growing list of lending options for later life customers.”
Cammy Amaira (pictured), director of sales & marketing at the Tipton & Coseley, added: “I have had a long and successful relationship with Complete FS and its directors and they are one of the elite packagers with whom we wanted to work to present our RIO offering to the intermediary sector.
“Complete FS has recognised the potential of RIO products in the later life lending space and I look forward to working closely with their team going forward.”
