The Leeds Building Society has launched a no fee fixed rate Retirement Interest Only (RIO) mortgage.

The introduction of the new product follows the launch this month of the Society’s 10 year Retirement Interest Only product, which remains the only 10 year product in the market.

The new no fee five year 3.83% fixed rate is available up to 55% loan to value (LTV) and comes with a free standard valuation.

Matt Bartle, Leeds Building Society’s director of products, said: “We continue to use our experience and expertise within the interest only market to refine and improve our Retirement Interest Only offering.

“Our new product is the only no fee fixed rate Retirement Interest Only mortgage available in the market and follows hot on the heels of the introduction of our market-first 10 year product.

“We continually keep our mortgage range under review and these products are the latest examples of our commitment to offering more choice to consumers, particularly those less well served by the wider market.”