Retirement Interest Only Mortgages
Fix your interest only mortgage for a period of 2 years to lifetime.
At Gloucester Mortgage Centre, we want to help you enjoy your retirement.
Our helpful and friendly expert advisors are happy to discuss your later life mortgage needs to help you find the right product.
Appointments are available in the comfort of your own home or via phone or even video call.
Retirement interest only mortgages
A retirement interest only mortgage or RIO is a mortgage that lets you pay the interest on a monthly basis, without reducing the original amount (capital) you borrowed. It is only available to people who are over the age of 50 and has been designed to help older borrowers who may struggle to get a standard residential mortgage.
They’re very similar to standard interest only mortgages, but with some key differences.
With the majority of retirement interest only mortgages in the UK, you only repay the loan when you sell your property, move into full-time care or pass away. Just like a standard mortgage, you’ll have to prove you can afford the monthly interest repayments.
Why choose a retirement interest only mortgage?
Thought you were too old for a mortgage?
Struggling to find a conventional mortgage to suits your needs?
Our expert advisors can help you with impartial and tailored advice to help take the worry and hassle out of your later life borrowing.
It seems like we are all living and working for longer than we ever have done, but successfully getting a mortgage when you hit retirement age can often be tough.
There are lenders out there who are taking a much more considered approach to lending to older people.
A retirement interest only mortgage may suit your needs if you want to:
- Get a mortgage term extension but are unable to from a traditional mortgage product.
- Buy a retirement property that suits your needs better than your existing home.
- Release funds from your property to top up your pension income.
- Gift money to loved ones for a variety of reasons.
Contact Us Today
Contact Us Today
Talk to our helpful and friendly expert advisors Gloucester Mortgage Centre today on 0333 011 2520 or fill out our handy form to help you find the right Later Life Mortgage product for you.
We offer UK whole of market advice with no upfront fee & without obligation.
Should you proceed with a Gloucester Mortgage Centre recommendation, we charge an advice fee of £695 for later life mortgages of up to £80,000, for later life mortgages over £80,000 we charge a fee of £395 for payable only on the completion of your plan.
To understand the features and associated risks please ask for a personalised illustration.
Equity release requires paying off any existing mortgages.
Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.
Equity Release enables you to release tax free cash from your home without having to downsize without the risk of negative equity.
Backed by the Equity Release Council.
We always recommend taking legal advise and consulting with family members or loved ones before opting for Equity Release.