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L&G Mortgage Club offers RIO exclusive from H&R

by Kevin Rose
1 May 2019
The Hinckley & Rugby joins Legal & General panel
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The Hinckley & Rugby Building Society has launched a Retirement Interest Only (RIO) mortgage exclusively through Legal & General Mortgage Club.

Legal & General Mortgage Club members can now access the lifetime discount product for their clients which is 2.55% off the Society’s SVR. The current charging rate is 3.59%.

The mortgage is designed to provide peace of mind to borrowers thanks to never having to pay SVR or switch products unless they want to. If their circumstances do change, they will not have to pay any ERCs to exit the product. The mortgage is also available with an offset savings facility.

The Legal & General Mortgage Club exclusive is available at up to 60% LTV with a maximum loan of £500,000. Capital raising is accepted. Applicants must be at least 55 years old but there is no maximum age. Valuation is free on properties worth up to £1m.

All sustainable sources of income into retirement will be considered and the loan will be repaid from the sale proceeds of the property after a specified life event such as death or moving into long-term care. There is an application fee of £199 and the £800 completion fee can be added to the loan.

Carolyn Thornley-Yates (pictured), Hinckley & Rugby head of sales and marketing, said: “Working with Legal & General Mortgage Club, we’ve designed this RIO mortgage to work for people already in retirement or working into it. As it is a lifetime discount they can plan for the long term and, thanks to no ERCs, also be able to adapt should their circumstances change.

“We’ll take a broad look at all the income the applicants have and any unusual cases will get a fair hearing at the daily meetings of our Mortgage Referral Committee of senior decision makers and underwriters. We look forward to helping Legal & General Mortgage Club members with their applications.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “We’re delighted to be working with and supporting Hinckley & Rugby Building Society on this exclusive offering for our members.

“The Retirement Interest Only mortgage is a key growth area for the market and is providing increasing opportunities for brokers and customers alike. With more products available, brokers have more choice to help them meet the needs of their older clients, ensuring they find a product that best suits their retirement plans.”

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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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