Retirement Interest Only

Retirement Interest-Only (RIO) mortgages are designed to help older borrowers who may struggle to get a standard residential mortgage. They allow you to take a mortgage against your home and only pay back the interest.

With a standard residential mortgage, you have to prove you can repay the loan in full within the mortgage term. With most lenders requiring your mortgage to be repaid by your normal retirement age, this can be restrictive for older borrowers as the short repayment term can cause the monthly repayments to become unaffordable. With a RIO mortgage the term extends beyond retirement and you usually only have to prove you can afford the interest payments.