Exclusive rate for RIO

We're pleased to announce an exclusive fixed rate for life of 3.39% with no product fee, exclusively for Legal & General Mortgage Club members. Offer may be subject to change.

See the exclusive rate

What is RIO?

A Retirement Interest Only Mortgage (or RIO) is an interest-only mortgage with a fixed interest rate for life. If your client’s existing interest-only mortgage is coming to an end, they could use the RIO to pay the outstanding balance and stay in the home they love.

Some people even choose to borrow extra cash to buy a new home - or just do more of the things they love in retirement. It’s important to note that clients must make monthly interest payments - as a last resort, your client’s home may be repossessed if they do not keep up with payments.

Retirement Interest Only Mortgage affordability calculator

Our affordability calculator will give you an indication of the amount your client could borrow. Please make sure you complete the mortgage loan amount, income and monthly payments as accurately as possible.

Once you've received a figure, you'll need to complete a full Decision in Principle to receive the exact amount your client can borrow. This is subject to the information you provided, plus the results of a credit reference check. Applications are subject to our standard lending criteria, status and financial standing.

The calculator gives an estimate of affordability and is not a guarantee of lending. Additional evidence may be required. 

A Retirement Interest Only Mortgage is a loan secured against your client's home. As a last resort, their home may be repossessed if they don't keep up with payments.

Required information for each applicant

  • Their property value

  • Their desired loan amount

  • Dependants and retirement age

  • Employment and other income

  • Pension income

  • Monthly payments

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Getting started

Understanding RIO

Everything you need to know when beginning your first RIO case with us..

Man in office

Marketing support

Practical examples of RIO

Support materials to help you give your clients sound advice.

Clients coming to the end of their interest-only mortgage

Draft them a letter

We’ve created a letter template that recommends repayment options that you can customise with your client’s details and send out.

Send them an email

If you need a speedier response, we’ve drafted an email template that you can send directly with your usual signature and contact details.

Free to use

There are no charges or royalties to pay. These marketing tools are free for you to use and distribute.

Compliance in mind

All content has been approved by our in-house Compliance team. We recommend that you check all content with your own Compliance teams and cannot take responsibility for your company promotions.

Prefer to talk?

Leave a message with one of our experts and we'll arrange a convenient time to talk.

Vulnerable customers

We've outlined some key signs of helping vulnerable customers when giving financial advice.

Questions and answers

We've answered some questions about our RIO and how it works.