The Melton Building Society has launched a new RIO mortgage product.
The offering is a 50 per cent LTV discount interest-only fix at 2.99 per cent.
The product has a £199 application fee, a £199 completion fee and includes no maximum term or upper age limit past 65.
The society will consider both earned income and pension income when assessing affordability – it adds, the firm does require an LPA to be registered.
The Melton Building Society head of sales and marketing Dan Atkinson comments: “Our new RIO proposition combines our flexible manual underwriting and a focus on customer needs.”
“This product recognises demand from older customers who either need a longer-term solution to their standard interest only mortgage or want to make the most of the equity they have built up in their homes.”
The announcement of this new product follows Vernon Building Society who launched four new RIO offers earlier today.