A broader range of later life mortgages has been launched by Vernon Building Society for borrowers in England and Wales aged 55 and above.

Covering the varying needs of the later life borrower, into retirement, in retirement and retirement interest-only (RIO) products can accommodate various income streams including existing assets and pension provisions on a draw down basis, even if they’re not currently being utilised.

The Into Retirement product, with no maximum age criteria, offers a five-year fixed at 4.74% with £999 fee and free valuation and a two-year discount at 4.65% with a £499 fee and 25% overpayment without charge.

In retirement also has no maximum age criteria. There is a five-year fixed at 4.74% with £999 fee and free valuation, as well as a lifetime discount at 4.89% with a £499 fee, free valuation and no early repayment charges.

Retirement interest-only has a new maximum LTV of 60%. The Vernon offers a five-year fixed at 5.09% with no fee and free valuation.

The two-year discount at 4.99% with £499 fee and free valuation offers a 25% overpayment without charge. A lifetime discount at 5.09%, £499 fee, free valuation and no early repayment charge is also available.

Commenting on the launch, Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw said: “In later life, borrowers can still be in a state of flux when it comes to income streams and how they’d like to use their money, so our enhanced later life portfolio will offer a flexible, easy and more personalised approach to mortgages.

“Every case we receive is personally underwritten, ensuring clients’ individual circumstances are understood. We recognise that later life lending isn’t one-size-fits-all. Whether clients are managing pensions, downsizing, supporting family, or unlocking equity for lifestyle needs, our products are designed to adapt to their evolving goals.”