Retirement Interes Only Mortgages Bristol
From the 2023 Mortgage Broker of the Year for later life lending. RIO’s are an alternative to equity release which allow you to borrow against your home using your retirement income (normally from pensions).
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The Retirement Interest Only Mortgage (sometimes called a ‘RIO Mortgage’) is available to people over 55. It’s a loan secured against your home. You pay the interest each month, which means the amount you owe doesn’t increase over time.
RIO's
You can use it for most purposes (including paying off an existing mortgage). What’s more, you don’t have to repay the balance of the loan until you, or the last remaining borrower die or move permanently into long-term care.
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This is a relatively new product. They are designed for retired clients who want to have access to a standard mortgage but who want to keep the cost down by not repaying the capital each month.
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Contact us today or book an appointment online
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Things you need to think about when considering a RIO
You have to pay the interest on this product each month, just like with a standard interest only mortgage. You can’t decide to roll up the interest or pause payments. As a result, your ability to afford the mortgage payments will be vigorously assessed. If you are applying as a couple, the lowest surviving income between you will be used to assess how much they will let you borrow.
Lenders will often take current and future income into account, however this can include investments or future pensions but will generally be retirement income.
Although the mortgage has no term, the rate of interest will normally be fixed for a set period. Typically this will be 2, 3, 5 or 10 years.
After that time you will move on to a Standard Variable rate and your payments could increase. The rate is not generally fixed for the life of the mortgage. They normally do not come with a drawdown facility.
An advantage of this can be that you are not tied in long term but at the same time you can find payments increase over time.
So if you’re looking for an award winning later life adviser approved by the Equity Release Council then contact us today.
Please feel free to use the contact form or book an appointment online. Visit out contact us page if you would like to call or email us.
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