Hanley BS expands Rios into Scotland

Hanley BS expands Rios into Scotland

Hanley Economic Building Society has made its range of retirement interest-only mortgages available to intermediaries based in Scotland.

The range, which is based around two main products, has been available in England and Wales since the end of 2018.

Scottish intermediaries can now access a 3.49 per cent variable discount at a maximum loan to value of 50 per cent and a 65 per cent LTV variable discount Rio mortgage at a rate of 3.74 per cent.

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Both products are available for home purchases and remortgages for clients seeking later-life lending options and have a minimum loan size of £10,000 and maximum of £750,000.

The minimum age for borrowers is 55 years old with no maximum limit, but they must be retired.

For borrowers that have a lasting power of attorney (or consulting power of attorney in Scotland) in place, the building society can offer a 0.5 per cent discount on the headline rate.

David Lownds, head of marketing and business development at Hanley Economic Building Society, said: "The Scottish mortgage market is an increasingly important area of lending for the Society.

"We are constantly building strong relationships with intermediary partners who will benefit from the recent extensions in our range of lending options to meet growing demand from an array of borrowers north of the border.

“Later life lending is an area which is capturing the attention of the intermediary community and borrowers, although education and innovation is key in ensuring that this product type best fits the immediate and future needs of those borrowers in their twilight years."

Mr Lownds added that this was an area the firm would continue to focus on across its overall Rio proposition in the coming months.

In November 2018, the building society extended its self-build, residential and near prime products into Scotland.

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