David Lownds

The building society said it had made the decision to expand the mortgages, available in England and Wales since November 2018, following feedback from its Scottish intermediary partners.

The RIO range includes a 3.49 per cent variable discount at a maximum LTV of 50 per cent, and a 3.74 per cent discount with a maximum LTV of 65 per cent.

Scottish borrowers with a consulting power of attorney in place can access a further discount of 0.5 per cent.

David Lownds, head of marketing and business development at Hanley Economic, said: “The Scottish mortgage market is an increasingly important area of lending for the Society. We are constantly building strong relationships with intermediary partners who will benefit from the recent extensions in our range of lending options to meet growing demand from an array of borrowers north of the border.

“Later life lending is an area which is capturing the attention of the intermediary community and borrowers, although education and innovation is key in ensuring that this product type best fits the immediate and future needs of those borrowers in their twilight years. And this is an area we will continue to focus on across our overall RIO proposition in the coming months.”