Retirement interest-only mortgage (RIO)
A Retirement interest-only mortgage (RIO) is a type of interest-only mortgage designed for homeowners aged 55 and over, allowing you to borrow against your property while only paying interest each month. The loan is repaid when the property is sold, typically upon death or moving into long-term care.
Why consider a RIO?
- To find out if a better rate is available for your individual circumstances.
- You may be able to lower your current monthly mortgage payments.
- To borrow more money.
- To replace your interest-only mortgage.
- If your circumstances have changed and you need advice.
- You wish to reduce or extend the length of term of your current mortgage.
- To achieve your goals in retirement.
How could we help you?
Our advice service can help to support you to consider your lending options by providing advice about:
- Standard repayment mortgages;
- Retirement interest-only mortgage (RIO); and
- Interest-only mortgages; and
- Equity release
Mortgage calculator
Use our free online mortgage calculator - it's quick and easy to use.
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A few things to think about
Think carefully before securing debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Only if your case completes would our advice fee of £1,995 be payable. Other lender and solicitor fees may apply.
You're talking to the people who know.
We have been providing advice to our customers for over 20 years and will talk you through all your options and explain the pros and cons of each so that you're fully informed.
Our service is about finding out whether any of the solutions we offer are a good fit for you, and only then will we find the best plan for your individual needs.
Our promise to you...
- You will be assigned a dedicated advisor who will guide you through the process from start to finish.
- We will only recommend a solution if it's suitable for you.
- We will search a range of plans from multiple lenders to find the best solution for you.
- If we recommend equity release, the plans meet the standards of the Equity Release Council.
- You will receive a bespoke recommendation document to read at your leisure.
