Mansfield Building Society has raised its maximum LTV on two RIO products.
The society has raised its LTV from 40 per cent to 55 per cent on the five-year discounted rate and the three-year fixed rate retirement interest-only products for borrowers over the age of 65.
Both mortgages allow additional drawdown after the initial loan, which enables borrowers to take out equity, providing they remain within the overall maximum LTV.
The two products are also available to borrowers over the age of 55 at a maximum LTV of 40 per cent.
Mansfield Building Society national development manager Paul Lewis comments: “By allowing borrowers to take additional drawdowns when needed, we believe our products provide added flexibility, enabling borrowers to remain in control of their finances over the longer term.
“This area of later life lending is clearly growing, and we will continue to work actively in this space, developing mortgage solutions that meet real life circumstances and borrowers’ evolving needs in later-life.”