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Through our business partners, we can offer a long-term loan secured against your home to release equity in later life, whilst leaving you with full ownership of your property.
A retirement interest-only mortgage (RIO) is a financial product designed for individuals aged 50 and older. Unlike traditional mortgages, RIO mortgages mean you only pay the interest each month, without a fixed repayment term.
There are pros and cons to RIO mortgages, so let's discuss the basics and what you need in order to qualify for one.
You will need to pass lender affordability checks to prove you can afford the interest-only repayments. RIO mortgages are only available when the youngest applicant is at least 50 years old.
You can borrow up to 75% of your property’s value with a retirement interest-only mortgage.
Yes, you need to make interest payments.
The full repayment of the capital is usually due when the homeowners sell the property, pass away, or move into long-term care.
Our team of experts are here to answer any questions you may have without all the jargon. Get in touch now to see how we can help you reach your mortgage goals.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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