PMS Mortgage Club and Sesame Network have launched a retirement interest only mortgage product available through Buckinghamshire Building Society.

The offering is a 60 per cent LTV three-year fix at 3.99 per cent. It is available for borrowers aged over 55, who are receipt of retirement income.

The firm adds that the product does not include an upper age limit.

PMS Mortgage Club and Sesame Network specialist lending relationship manager Stephanie Charman says: “We have seen increasing interest and appetite from advisers for more solutions in the lending into retirement market, which is why we are pleased to be partnering with Buckinghamshire Building Society to provide our members with access to this exclusive new RIO product.

“Fixed rate RIO products are still relatively rare in this emerging market, so we feel that this competitively priced product could offer an attractive solution to our members and their customers.”

Buckinghamshire Building Society head of lending Tim Vigeon adds: “We are delighted to once again partner with PMS Mortgage Club and Sesame Network, offering them this exclusive RIO product.

“As one of the first lenders to offer RIO mortgages, we have over the past 12 months found this product to be a welcome addition for intermediaries who advise their clients in retirement planning.”