The Hinckley & Rugby has made changes its later life lending offer with a new five-year fix and cut the interest rates on two existing later life products, including a Retirement Interest Only (RIO) mortgage.

The new five-year fix is priced at 3.99% with fees of £199 on application and £800 on completion. There are ERCs stepping down from 5% in year one to 1% in year five.

Valuations are free.

The interest rate cuts are to the two year fix, down from 3.19% to 3.09%, and the RIO lifetime discount mortgage which is reduced from 3.59% to 3.19%. The maximum LTVs are 80% for the fixes and 60% for the RIO.

Hinckley & Rugby’s suite of later life lending products is available to borrowers the Society is lending to in or into retirement, including those aged 75 or over. Hinckley & Rugby abolished its maximum age at term-end in 2018.

Carolyn Thornley-Yates, Hinckley & Rugby head of sales and marketing, said: “We are always listening to what the market is telling us and there is a desire to see longer fixes for later life. That’s why we have introduced our new five-year fix for those later life borrowers wanting extra certainty.

“In addition, cutting the interest rates on our two year fix and our RIO product enhances our wider offer to older borrowers.

“Coupled with our manual underwriting and a 360 degree look at income, affordability and repayment vehicles, we are sure intermediaries with later life clients can confidently talk to Hinckley & Rugby about their needs.”