Cambridge Building Society has introduced two fixed rate retirement interest only (RIO) mortgage products to its later life lending range.

The new RIO two-year fixed rate and RIO five-year fixed rate will be available to customers aged 55 years and over, with a maximum loan size of £750,000 and a loan to value of 55%.

These products are offered alongside the  lender’s existing RIO variable rate mortgage.

Commenting Cambridge BS intermediary manager Kathy Bowes said: “Later life lending is an increasingly important area for our members and intermediary partners, as the number of older borrowers continues to grow and demand rises for flexible mortgage solutions that support their needs.”