Air Mortgage Club has added Hinckley & Rugby for Intermediaries (H&R) to its retirement lending panel.

Members of the distributor for equity release and later life advisers will now be able to access H&R for Intermediaries’ range of mortgage products for later life customers including its Retirement Interest Only (RIO) product.

The RIO lifetime discount product is available up to 60% LTV with a maximum loan of £500k. All sustainable sources of income into retirement will be considered and the loan will be repaid from the sale proceeds of the property. The mortgage also comes with an offset savings facility.

H&R for Intermediaries also has two residential products for later life borrowers who will be aged over 75 at the end of their term. On offer is a two-year fixed-rate mortgage up to a maximum LTV of 80% – currently offered at 3.19% – while there is also a lifetime discount mortgage, again available up to 80% LTV, and 3.15% off the SVR, currently priced at 2.99%.

These products have been designed to give clients the flexibility of a significant element of interest-only, if appropriate for their circumstances. For buyers who are downsizing, up to 50% can be on an interest-only basis, while for those cases where the proposed mortgage repayment vehicle is the sale of a different property, the interest-only element can be up to 60%.

Gary Little, commercial director at AIR Group, said: “With a growing demographic actively looking for mortgages which are available into later life, it’s important that we as a club ensure our membership have access to as wide a range of products as possible.

“Our new partnership with Hinckley & Rugby for Intermediaries ensures members have access to its later life products, which – where appropriate – can be offered with a significant interest-only element for the client. The Society is also active in the RIO space and our club members will also be able to offer this product to their clients.

“Building societies have been at the cutting edge of the later life market for some time and we are very pleased to be working with the team at H&R for Intermediaries to ensure its product range reaches as wide an audience as possible.”

Emily Smith (pictured), national account manager at the Hinckley & Rugby Building Society, added: “We are delighted to be bringing our later life lending to the members of the dedicated Air Mortgage Club. The advisers will find we have a ‘can do’ approach to later life lending, enabled by our manual underwriting and the absence of any maximum age at term-end.

“Complex cases have access to the daily meetings of our Mortgage Referral Committee, where Hinckley & Rugby for Intermediaries most senior decision makers look at all aspects of each application to provide a quick and reasoned response. We look forward to working with Air Mortgage Club members so together we can help their later life clients.”