Beverley Building Society is to reduce the rates on its interest-only mortgages by up to 0.50 per cent.

Head of Lending Graham Carter explained that the Society is responding to a growing need for this type of lending, particularly amongst borrowers over the age of 50 who are reviewing the role their properties play in their retirement planning.

Graham said: “Interest-only, and in particular retirement interest-only, are some of  our fastest growing areas of lending, and we’re seeing increased demand particularly among people over the age of 50 who are looking to unlock the capital in their homes to support their lifestyle choices both approaching and in retirement.

“The new pensions freedoms and increasing life expectancy are certainly changing how people manage their various assets and we are providing an increasing number of interest-only loans to these sorts of customers to enable them to carry out essential home improvements, go on holidays-of-a-lifetime, gift deposits to help younger family members onto the housing ladder or simply ease their outgoings to so that they can remain in their own homes while living the lifestyle they want in older age.”

In addition to these standard interest-only products, the Beverley offers a retirement interest-only (RIO) option, depending on customers’ individual circumstances. The Society has no upper age limit on its mortgages.

This rate reduction marks the latest development in the Society’s ‘building better futures’ mission to help people achieve their homeownership goals through a common sense approach to lending. In line with its founding mutual ethos, it is specialising in a range of niche areas which, as well as interest-only and lending into retirement, include guarantor and family assist arrangements, mortgages for self-employed people and self-build.

For more details of our general product range, visit http://beverleybs.co.uk/mortgages 

Notes for editors

For further information, or to arrange interviews, please contact Tracy Fletcher of By Tracy Fletcher Ltd PR, via 07983 633385 or tracy@bytracyfletcher.com

About Beverley Building Society

Beverley is the only independent building society in East Yorkshire. We have been supporting our community since 1866 and are committed to contributing to the vibrancy of our region by making a difference.

As a true independent, we are committed to living mutuality by building better futures for our members, new and existing borrowers and savers, our people, our community and our sector at large.

We’re powered by highly committed colleagues who go over and above, every day, to offer our customers quality, friendly, personal service.

In an age where the financial services market is moving, at pace, towards AI-powered, automated solutions, we believe there is a place for people-centred financial services and are passionate about maintaining that personal touch.

We aim to make enough profit to ensure the Society is financially strong and sustainable, and can invest in continual product and service improvements for our members. We do not pay staff bonuses and all our profits are re-invested to support this goal.