Stafford Railway Building Society is reminding older borrowers that they can take advantage of its standard variable rate mortgage up to age 85.

It also claims the rate on the mortgage is the lowest in the UK.

The Staffordshire-based society lends to older borrowers in retirement and beyond, subject to criteria based on affordability using pension or annuities income.

Mortgages manager Adrian Phipps said: “We certainly don’t think that just because you have retired or are approaching retirement that you shouldn’t be able to take out a mortgage.

“If your current lender won’t extend your term beyond your retirement age – or you are looking to move house, or simply want to raise funds on a mortgage-free property to release some capital – then Stafford Railway Building Society could be the answer.”

Stafford has just one residential mortgage, a variable rate SVR charging 3.20% with no arrangement fees, early repayment charges or tie-in periods.

Members can make overpayments at any time without any additional charges.

It is also open to first-time buyers, remortgages and home movers.

There is also an option to 90% LTV charging 3.75%, plus a higher lending charge to cover the excess over 75%.

Stafford Railway also offers just one buy-to-let mortgage charging 4.50% up to 70% LTV with no fees, tie-in periods or complex product features.