These products,which are  available up to 50% LTV, come with no early repayment charges, free valuation, no application or arrangement fees, and £250 cashback.

“Over the years, market dynamics and borrowing demographics have evolved significantly, underscoring the growing importance of the later life lending sector,” said David Lownds (pictured far right), head of products and marketing at Hanley Economic Building Society. “These rate reductions highlight our ongoing commitment to supporting this essential group of borrowers, and intermediaries who are active in this vital sector.”

Virgin Money also announced changes, including reductions in exclusive purchase and remortgage rates.

Its 80% LTV five-year fixed rate with a £895 fee was reduced to 4.52%, while the fee-saver version will drop to 4.62%. Other notable reductions include the Retrofit Boost five-year fixed rates and the Own New fixed rates, with reductions up to 30bps.

 Virgin Money is also withdrawing several products, such as the 7-day special 80% LTV purchase fixed rate with a £995 fee at 4.46%.