Retirement Interest Only Mortgages

Let us help you work out if this product is suitable for you.

Retirement Interest Only mortgages have gained popularity in recent years as many clients are living and working longer and are still wanting to use mortgages to fund lifestyle, repay existing mortgages, help children and grandchildren financially and often to do home improvements. As the name suggests the mortgage is based on interest only and would have a fixed repayment term.

Typically, these mortgages end much later than our mainstream residential lenders will allow as the standard residential lenders want all mortgages to be repaid by age 70-75 in most instances. These RIO mortgages allow clients lower monthly outgoings as they are just servicing the interest payments until a later date when the debt will need to be repaid. Assessable income and a repayment strategy are required as these products are underwritten according to FCA affordability guidelines.

We fully assess every clients’ situation before recommending a product like this and can help you to work out if this product is suitable for you. If this is not a viable option then we also provide equity release mortgages.

*Your Home may be repossessed if you do not keep up repayments on your mortgage

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