AIR MORTGAGE CLUB ADD MANSFIELD BUILDING SOCIETY TO RETIREMENT LENDING PANEL
Air Mortgage Club has added the Mansfield Building Society to its retirement lending panel.
Members of the Air Mortgage Club will now be able to access Mansfield’s range of mortgage products for later life customers, including its Retirement Interest Only (RIO) products.
The Mansfield has two RIOs – a five-year discounted rate, currently at 2.99% variable pay rate with no early repayment charge, and a three-year fixed rate currently at 3.35% pay rate with a 3% early repayment charge. Both products come with a £199 application fee and a £800 completion fee.
Both RIO mortgage products are available to borrowers over 55 years of age with a maximum LTV of 40% for those younger than 65. With its RIO mortgages, the Mansfield allows borrowers over 65 to access the equity in their homes up to a maximum of 55% LTV.
For either age group, the maximum LTV applies at the time they take the product or through the Mansfield’s drawdown facility, which allows the client to access the equity later as long as they remain within the overall maximum LTV.
Access to The Mansfield’s RIO mortgages is only available through qualified advisers holding the CeReR or CertER qualification.
In addition to its RIO mortgages, the Mansfield also offers a number of residential mortgages – including fixed and discounted rates – for borrowers up to age 85.
Gary Little (pictured), commercial director at AIR Group, said: “Our aim at the Air Mortgage Club is to offer member firms as wide a range of lender and product options for their later life clients as possible. We are therefore very pleased to bring the Mansfield Building Society onto our lender panel because not only does it offer a number of residential products to older borrowers but it has two RIO products which come with its unique drawdown facility, allowing clients to take equity later should they need to.
“We also fully endorse the Mansfield’s position to only offer its RIO products via those advisers who hold an equity release qualification, as this ensures clients are securing whole of later life lending market advice.
“With more and more clients requiring a range of lending options up to, and into, retirement, the addition of Mansfield is a real boost to our offering and we are looking forward to developing the relationship between our members and this progressive lender.”
Paul Lewis, national development manager at Mansfield Building Society, added: “We’re absolutely delighted to become a panel lender for Air Mortgage Club. As the largest club operating in the later life lending sector, I’m sure we can offer real value to their brokers.
“It’s really important that borrowers looking for options in retirement are able to access a range of versatile and straightforward lending options, and that’s just what we’ll be helping to provide.
“We’re looking forward to working with the club’s brokers to find solutions for their clients; our individual approach and product features such as property downsizing or our RIO drawdown facility, will be a real boost for them.”