Retirement Interest Only (RIO) mortgage is targeted at borrowers aged 55 and over who are either still working or have already retired.
The RIO mortgage simply re-enables borrowers to take an interest only mortgage, beyond retirement.
RIOs have no defined term and will run until repaid from the sale of the property, death of the borrower, or the point at which they move into long-term care.
Customers who can be helped
End of term
Sometimes called mortgage prisoners, these customers are stuck on a high interest rate and no longer meet the outdated criteria of their existing lenders.
Bank of Mum and Dad
Customers who want to help their children or grandchildren with financial support to get on the housing ladder or pay off student loans etc.
Home improvements
Customers who want to make improvements to their existing property can free up funds with our interest-only mortgages.
Alternative to Equity Release mortgages
RIOs can provide higher levels of borrowing to applicants who can service interest-only payments & borrowers are not impacted by roll-up compounding interest.
Debt consolidation
Customers who see an opportunity to reduce existing
Purchasing a home
Borrowers over 55 who aspire to buying their dream home or second home can benefit from our human approach to underwriting.
Inheritance Tax
Customers looking to take a mortgage and then use/gift the proceeds to reduce the amount of family tax that might be due in the future.
Flexible lending approach to income
Employment income, self-employment income, pensions, investments, rental, and other assets can be considered for affordability assessment.
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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