PMS Mortgage Club and Sesame Network have launched an exclusive new Retirement Interest Only (RIO) mortgage for its members from Buckinghamshire Building Society.
The RIO product is 3.39% fixed for three years until February 2023 and is available for borrowers aged 55 and over, who are in receipt of retirement income.
There is no upper age limit and the exclusive product is available up to a maximum loan to value of 60% with no maximum term.
Stephanie Charman, specialist lending relationship manager for Sesame and PMS, 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.”
Tim Vigeon, head of lending at Buckinghamshire Building Society, added: “We are delighted to once again partner with PMS and Sesame, offering them this exclusive Retirement Interest Only (RIO) product.
“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.”