Hanley Economic Building Society has cut rates by up to 1.24% while Aldermore has launched limited edition products within its buy-to-let (BTL) range.

The reductions have been made on a pair of variable discount for term retirement interest-only (RIO) mortgages for borrowers with a lasting power of attorney (LPA) and continuing power of attorney (CPA).

The variable discount for term RIO mortgage requiring LPA/CPA has an initial pay rate of 5.20%, which represents a 3.29% discount from the society’s standard variable rate of 8.49% and is available up to 50% LTV for purchase or remortgage purposes.

This product previously had a pay rate of 6.04%, representing a 0.84% reduction.

The variable discount for term RIO mortgage which does not require an LPA/CPA has an initial pay rate of 5.30%, which represents a 3.19% discount from the society’s standard variable rate of 8.49% and is available up to 50% LTV for purchase or remortgage purposes.

This product previously had a pay rate of 6.54%, representing a 1.24% reduction.

This product pairing has no early repayment charges (EPCs) and no overpayment restrictions to help support borrowers and intermediaries in their later life lending requirements.

These come with a free valuation alongside no application or arrangement fees and £250 cashback.

They are applicable for properties throughout England, Wales and Scotland with a minimum loan size of £10,000 and a maximum loan size of £750,000.

Elsewhere, Aldermore’s new limited edition products for new customers will launch today (23 July).

Individual and company landlords with single residential investment properties will be able to access a two-year fix with a 3% fee to 75% loan-to-value (LTV) from 5.09%.

The multi-property product for individual and company landlords with residential investment property portfolios will be a two-year fix with a 3% fee to 75% LTV from 4.99%.