Hinckley and Rugby Building Society
Hinckley and Rugby Building Society are based in the East Midlands and have been supporting their local community for over 150 years.
Hinckley offer RIO’s that are available to borrowers over the age of 55 and there is no upper age limit or maximum term.
The society will lend up to 60% of the value of the property (the LTV) up to a maximum of £500,000. Overpayments and payment holidays are also allowed, along with a request for an offset facility.
The Hinckley’s RIO mortgage comes with no early repayment charges and the money can be used for ‘capital raising’ purposes – such as holidays or perhaps helping children out financially.
As with many retirement mortgage lenders, joint borrowers’ affordability will be assessed on the lowest earner to ensure the ability of a surviving borrower to maintain payments.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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We understand that with different options to choose from, it can be difficult to find the right lifetime
mortgage plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer
all your questions and find the right solution for you.
It costs nothing to give us a call and the first and only person you’ll speak to is your local adviser. That’s because we don’t have call centres. Just highly qualified and experienced advisers ready to help you.