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New 10-year RIO mortgage option launched by The Nottingham

The launch of a new fixed rate 10-year retirement interest-only (RIO) mortgage has been confirmed by The Nottingham for Intermediaries website, and it is set to take the place of the seven-year mortgage it offered before.

The interest rate for this new mortgage will be 3.95%, while the fee is set to be £995 and the valuation will be provided free of charge. The new RIO mortgage will also have a loan-to-value limit set at 40%, which is the same as that for all of the other RIO deals that are offered by The Nottingham. These range from longer-term loans like this one to short-term fixed ones that do not carry any fees.

It is only six months since RIO mortgages began to be included among those that the building society provides, but even so, it has made two sets of changes to its RIO range during that time, so that it is able to offer the maximum possible choice for retired people or those nearing that point.

Speaking to Mortgage Finance Gazette about the launch of this deal, its head of intermediary sales, Nikki Warren-Dean, stated that The Nottingham was keen to provide options that suit both first-time buyers and those who are later in life, and that it also listened closely to the advice of its brokers.

This demonstrates the value that banks and building societies place on the opinions of brokers who have taken a CeMAP mortgage advisor course and are able to advise both banks and customers.

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