Our Retirement Interest-Only Mortgages (RIO) have been designed to help retired borrowers over the age of 55, that don’t want a maximum loan term.
With a RIO mortgage, you can have an interest-only mortgage for as long as you need it. Read our RIO Important information to learn more.
We've put together some important information about RIO mortgages that you should read before applying
Did you know that many of our mainstream mortgage products allow up to 85 years old at end of mortgage term?
Dependent on your personal circumstances. Seek independant advice when borrowing into retirement.
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BRANCH FINDERHere's everything you need to know.
How much can I borrow?
The Society can lend up to 50% of your property’s value, which will be confirmed by a professional property valuation.
The Society can lend a minimum of £25,000 and a maximum of £750,000. The amount you choose to borrow will depend upon your needs and your ability to repay the interest each month. Following an assessment of your income and expenditure, our adviser will be able to guide you as to how much the Society may be able to lend to you.
Can I get a mortgage at my age?
Unlike Standard Mortgages, our RIO mortgages do not have a maximum age limit.
For more information on lending into retirement, read the Building Societies Association - Can I get a mortgage at my age? Consumer Informaiton Guide.
What is a Lasting Power of Attorney (LPA), why is it important and do I need one?
A Property and Financial Affairs Lasting Power of Attorney (LPA) is a legal tool that allows you to appoint someone to make decisions about your money, property and financial affairs on your behalf. The appointed person can manage your finances for you in the future, if you reach a point where you are no longer able to make decisions for yourself or are physically unable to leave your home.
The Society especially recommends that older borrowers seek independent financial and legal advice relating to an LPA. This ensures mortgage repayments and other aspects of your finances can be easily dealt with by your family or other trusted representative in the event that you are no longer able.
Legal Advice
The Society strongly recommends that anyone considering this product take independent legal and financial advice before entering into the mortgage contract.
You may also find it beneficial to read the Building Society Association's 'Can I get a mortgage at my age?' guide.
What is equity?
Equity refers to the value of a homeowner's property, less the amount of the outstanding mortgage.