All intermediaries can now access a discount for term RIO mortgage from the Hinckley & Rugby that has no ERCs or maximum age, so applicants will not have to revert to SVR.

The mutual is offering its RIO product to the whole of the intermediary market following an exclusive pilot with Legal & General Mortgage Club. The mortgage is also available with an offset savings facility.

The discount for term product is 2.55% off the Society’s SVR. The current charging rate is 3.59%. The mortgage is designed to provide certainty for later life 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 ERCs to exit the product. It is available at up to 60% LTV with a maximum loan of £500,000. Capital raising is accepted. Applicants must be at least 55 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), the Hinckley & Rugby’s head of sales and marketing, said: “We stepped into the RIO market in May and have been so encouraged by the response that we now want to offer it to all intermediaries.

“Our manual underwriting policy is particularly well suited to understanding and working with older borrowers. Any complex cases can be considered by the daily meetings of our Mortgage Referral Committee of senior decision makers and underwriters.

“Our helpful team at H&R for Intermediaries is keen to hear from advisers who are looking for later life lending on behalf of their clients.”