Retirement interest-only mortgages

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Retirement interest-only mortgages

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Retirement interest-only mortgages

If you’re retiring or approaching later life stages, you may be looking for the right mortgage option to suit your changing circumstances. A retirement interest-only (RIO) mortgage could meet your changing needs. These interest-only mortgages are for older borrowers (aged 50+) and have no end date, so you won’t repay the loan until you die or move into long-term care.

RIO mortgages are for older borrowers looking to mortgage their home in later life or seeking an alternative to equity release.

A RIO mortgage can be useful if you’ve reached the end of an existing interest-only mortgage and cannot repay the capital balance. As long as you can afford the interest payments, you’ll be able to stay in your home and protect any equity you may have so you can pass it on as inheritance. A RIO mortgage can also enable you to release some of the equity in your home to enjoy in your retirement or provide financial help to your dependents.

During the term of the mortgage, you’ll make monthly payments to cover the cost of the interest on your loan. With a fixed interest rate, your payment amount will remain the same throughout, and your debt won’t increase. The outstanding capital you owe will be paid off when the house is sold, you die, or you move into long-term care.

RIO mortgages aren’t suitable for everyone and are only available via a mortgage broker like us. They can be tricky to secure as the mortgage affordability checks are pretty strict. You’ll need to demonstrate that you can continue making the monthly payments in retirement.

We can help you determine if a RIO mortgage suits your circumstances and if so, find and secure the right mortgage for you.

Because we play by the book we want to tell you that...

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.