The Leeds Building Society has cut its five year fixed rate Retirement Interest Only (RIO) mortgage.

The product is available for borrowers aged between 55 and 80 at a rate of 3.62% available up to 55% loan to value (LTV) with a £999 fee.

The Leeds became the first national high street lender to launch Retirement Interest Only mortgages in July 2018, following the Financial Conduct Authority’s (FCA) introduction of specific regulations for the market.

Jaedon Green (pictured), the Leeds Building Society’s director of product and distribution, said: “The needs of homeowners evolve and change and we expected to see continued interest in this new proposition.

“A positive response to our launch from consumers has confirmed our own research that suggested an unmet demand, which we are able to meet through our partner brokers.

“The increasing number of brokers accredited to advise on Retirement Interest Only improves accessibility for consumers and so we have reduced our five year fixed rate Retirement Interest Only product, making it one of the leading rates in the market currently.”