Our Retirement Interest Only Mortgage is now available.
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.
Required information for each applicant
Their property value
Their desired loan amount
Dependants and retirement age
Employment and other income
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.
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.