The Nottingham has introduced a Retirement Interest Only (RIO) mortgage fixed at 3.95% for 10 years.
It replaces the previous seven-year fixed product and comes with a free valuation and £995 fee.
The 10-year product has been added to a RIO range that includes shorter fixed term products with no fees.
Nikki Warren-Dean, head of intermediary sales for 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.
“The Nottingham is dedicated to helping people achieve their first property or move up the ladder, but also to supporting those who may be living in their last home too.
“Taking that into account, and broker feedback, is why we decided to introduce a ten-year fixed rate RIO product to our mortgage range – to ensure we are well positioned to help people make the right decisions to suit their circumstances.”
The Nottingham’s current range of RIO mortgages (all with a 40% LTV limit and all with a free valuation) is as follows:
- Two-year discount (2.75% off variable mortgage rate), 2.99%. No fees.
- Two-year fixed, 3.40%. No fees.
- Three-year fixed, 3.42%. No fees.
- Five-year fixed, 3.55%. £995 fee.
- 10-year fixed, 3.95%. £995 fee.