Published on: 2 March 2022
Available on an interest only or repayment basis, our 55+ Retirement Mortgages work just like a conventional mortgage, however, they’re available to applicants aged 55 to 85.
This mortgage may be suitable if you’re looking to purchase a new home, remortgage or release funds from your property for a number of reasons, such as helping children onto the property ladder or funding home improvements†.
If you want to remain in your home with no plans to downsize, and you’re seeking an alternative to equity release, our RIO mortgage may be the best approach.
As the name suggests, you’ll only pay back the monthly interest on the money you’ve borrowed until a life event occurs, for example, going into long-term care or passing away.
You’ll need to be able to afford the monthly interest payments throughout the mortgage term but with a RIO mortgage, there is no interest roll-up, which means the amount repayable when the life event occurs will be the cost of the original loan, helping to protect the remaining equity in your property.
We’ve got over 160 years’ experience of helping people to own their own home, so we understand the things that are important when looking for a mortgage provider. Our team of experienced advisers are available to discuss your options and recommend the product that’s right for you.
Please call 01282 440537* or visit our dedicated ‘Mortgages’ page to find out more.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
† Depending on the amount of the loan advance, documented evidence may be required to support the loan purpose.
If you’d like to find out about our latest news, products and services, sign up to our e-newsletter. We won’t bombard you with emails and we’ll always treat your personal data with care.
Your privacy is important to us and we’ll ensure that your details are accurate and kept up-to-date. View our Privacy page.