Hanley Economic Building Society has widened its later life lending range by lifting the maximum loan-to-value on its retirement interest-only mortgages to 70% and introducing new fixed and variable products.

The society has added two fixed rate RIO mortgages, priced at 5.34% for two years and 5.35% for five years.

It has also launched two variable discount options, including a two-year product at 4.99% that represents a 2.85% discount on Hanley Economic’s standard variable rate, currently 7.84%.

A five-year discount alternative is available at 5.29%, reflecting a 2.55% reduction on the same benchmark.

All four products are available up to 70% loan-to-value and offered on an interest-only basis. They come with one free standard valuation and can be used for both purchase and remortgage cases.

Loan sizes start from £30,000 and run to £1,000,000, with eligibility extending to retired borrowers aged 55 or over.

Properties across England, Wales and Scotland qualify, with the Scottish Islands accepted by referral.

Applications are assessed individually by the in-house underwriting team, with no credit scoring. The mortgages can be accessed through the society’s branch network and selected intermediary partners.

David Lownds, head of products and marketing at Hanley Economic Building Society, said: “Extending our maximum LTV to 70% gives older borrowers more choice at a time when flexibility in retirement is becoming increasingly important.

“This update strengthens the support available for those looking to manage their housing and financial needs later in life, while keeping a sensible, responsible approach to affordability and long-term stability.

“Our aim is to ensure our intermediary partners and their clients have access to RIO options that are clear, practical and fit for purpose, and this enhanced range reflects that ethos.”