Retirement Interest Only often called RIO is designed for individuals who may becoming to end of term on a traditional mortgage or simply need a new mortgage. With a RIO, a lender will consider multiple sources of income including pensions, investment income, rental income and in some circumstances your employed or self-employed income.
This relatively new type of mortgage is called Retirement Interest Only or RIO. This type of mortgage is interest only with no set end date and is designed to help borrowers who:
These eligibility guidelines are not absolute, so please always asked for a personalised illustration:
Retirement Interest Only is only available with a limited number of lenders and the lending criteria is very specific.
If you have approached the High Street lenders, the standard answer is ‘computer says no’. Fortunately, some of the regional building societies take a more positive approach to later life lending.
For example, we recently successfully completed an interest only mortgage for somebody who was still working at the age of 75 and we were able to arrange a new mortgage term of 15 years.We will help you choose the right product and provider, we will explain your options, in jargon free plain English, so you can make an informed decision. Here is the process, from getting advice to receiving the money:
Speak to one of our Partners who is qualified to offer advice on equity release and later life mortgage products.
We will take time to understand your mortgage need and aspirations and to make sure equity release is right for you, we may be able to recommend another type of mortgage that works better for you.
We will then email you a personalised mortgage illustration and send you an information pack in the post. We’ll spend all the time it takes, so you fully understand the product, so it works for you now and in the future, should your circumstances change.Once you give us the green light, we will submit your application online to the lender.
At this point, you need to instruct a solicitor to act on your behalf. We work closely with Equilaw and can instruct this firm on your behalf if required.
The lender will arrange a FREE valuation of your home. Once this has been completed and your application approved, the lender will send the offer to you and your solicitor.
We have arranged that Equilaw will send a locum solicitor to your home to sign the mortgage documents at no additional cost, a date for completing the mortgage can be scheduled.We’ll make sure the mortgage offer is exactly as we described and then work with your solicitor through to completion.
Your solicitor will repay any existing mortgage on your property and then send the balance of the funds to you.
If you have decided to make monthly interest payments on you mortgage, we’ll explain the options available to you.
You can choose the have a lump sum on completion or a drawdown facility or a combination of both.
We will always be available to advise you in the months and years to come, should your circumstance change.The length of time it takes to complete an equity release mortgage will depend on the provider we have recommended. Here is a simple guide to the timescales involved:
Our equity release specialists are available now to explain your options.
To request a call-back, get in touch via our contact us page.
Monday to Saturday
9:00am – 8:00pm
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
Equity Release and Mortgage Partnership Ltd is directly authorised and regulated by the Financial Conduct Authority (FCA) and is entered on the financial services register http://register.fca.org.uk under reference 986900.
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