Nationwide has unveiled plans to launch an interest-only mortgage for older borrowers in its annual report today, as profits and net lending both tumbled.
The building society’s pre-tax profits for the 12 months to April were down 7.3 per cent on the previous year at £977m, marking the second annual decline.
The lacklustre performance was driven by a steep drop in net mortgage lending from £8.8bn to £5.8bn, amid fierce competition.
Chief executive Joe Garner’s overview reveals that the lender is planning to do more to help older borrowers in the near future.
He says: “Member needs change in later life, so we expanded our mortgage range with a lifetime mortgage which will allow people to access equity in their home in later life.
“Next, we plan to launch a retirement interest only mortgage, giving members more choice in managing their finances as they get older.”
Thats good BUT are they going to allow ALL brokers to offer it? Or like their Lifetime mortgage product only through Age Solutions? Not very TCF!!!!!