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Beverley Building Society has reduced its retirement interest-only (RIO) mortgage rate by 0.25%, in response to increasing mortgage demand from over-55s.

The three-year discounted RIO mortgage rate will be 2.74%, down from 2.99%.

The product has a maximum loan-to-value of 60% and a product fee of £495.

Overpayments of 10% per annum are allowed during the product term, with overpayments above that subject to a 2% early repayment charge.

Beverley Building Society head of new business lending Simon Glass says: “For some time now, we have seen increasing demand from people looking to re-mortgage late in life in order to top-up their retirement income using the equity in their homes.

“RIO, of course, is an ideal option for some because, unlike other products like equity release, it enables them to do this while still ensuring their remaining equity is protected, to pass on as a legacy for their loved ones.”

“Hence we have decided to make our RIO interest rate even more attractive in order to cater for this need, despite the increasing interest rate trend, underlined last week by the Bank of England’s decision to raise its Base Rate once again.”

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